Mr. V received a gold ring worth ₹ 1,20,000 on the occasion of his daughter's wedding from his best friend Mr. S. Mr. S also gifted a gold chain to K, daughter of Mr. V, worth ₹ 1,60,000 on the said occasion. Would such

CS Executive · Tax Laws · PYQS · June 2024

Mr. V received a gold ring worth ₹ 1,20,000 on the occasion of his daughter's wedding from his best friend Mr. S. Mr. S also gifted a gold chain to K, daughter of Mr. V, worth ₹ 1,60,000 on the said occasion. Would such gifts be taxable in the hands of Mr. V and Ms. K?

(A) Yes, the gift of gold ring and gold chain is taxable in the hands of Mr. V and Ms. K. respectively

(B) Such gifts are not taxable in the hands of Mr. V nor in the hands of Ms. K

(C) Value of gold ring is taxable in the hands of Mr. V but value of gold chain is not taxable in the hands of Ms. K

(D) Value of gold chain is taxable in the hands of Ms. K but value of gold ring is not taxable in the hands of Mr. V

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax

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Mr. V received a gold ring worth ₹ 1,20,000 on the occasion of his daughter's wedding from his best friend Mr. S. Mr. S also gifted a gold chain to K, daughter of Mr. V, worth ₹ 1,60,000 on the said occasion. Would such

Answer & Explanation:

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