LUMS

ACCOUNTING & FINANCE (ACCT 370)

CLASS WORK 15B

X, an individual taxpayer submits the following income/(loss) details for tax year 2023.

Salary 3,000,000
Speculation A 1,000,000
Speculation B Loss b/f since 2020 (400,000)
Cap. Gain Loss b/f since 2018 (500,000)
Cap. Gain 800,000
Property income 1,200,000
Loss u/s 39 (300,000)

Compute the total income and tax thereon.