On 10th April, 2022, Gokani a practicing Company Secretary gave ₹10 lakh as gift to his wife Chandra a homemaker. On 20th August, 2022 Chandra commenced business of beauty parlour by name "Flair Lady". For the year ended
CS Executive · Tax Laws · PYQS · June 2023
On 10th April, 2022, Gokani a practicing Company Secretary gave ₹10 lakh as gift to his wife Chandra a homemaker. On 20th August, 2022 Chandra commenced business of beauty parlour by name "Flair Lady". For the year ended 31st March, 2023 her net income from business was ₹2,30,000. How much of the income of Chandra is includible in the hands of Gokani?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A), (D). Official source note: Correct Option is A i.e. ₹ 230000. Section 64(1)(iv). However, Option D may also be considered as correct assuming the gifted has not invested in the business as the question does not specifically mentioned.
Topics: Income Tax Act, 1961
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