Mr. Coco received cash Gift of ₹ 2,00,000 on the occasion of his marriage, out of which ₹ 70,000 received from non-relative also. During the year he got prizes in the lottery for ₹ 3,00,000. Calculate the tax liability (
CS Executive · Tax Laws · PYQS · June 2024
Mr. Coco received cash Gift of ₹ 2,00,000 on the occasion of his marriage, out of which ₹ 70,000 received from non-relative also. During the year he got prizes in the lottery for ₹ 3,00,000. Calculate the tax liability (ignoring TDS) :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
Related Questions in this Topic
- What is the base financial year for calculation for Cost Inflation Index under Income Tax Act 1961?
- During the Financial Year 2023-24 Mr. K won a lottery for ₹ 5,00,000, from this lottery income he deposited ₹ 1,50,000 i...
- Political parties are required to submit their Income Tax Return under which Form?
- The amount specified in the notice of demand under the Income Tax Act is required to be paid within __________ days, oth...
- The assessee who is not satisfied with the order of the assessing officer can: