Pankaj received on the occasion of marriage (i) cash gift of ₹1,05,000 each from his maternal and paternal uncle; and (ii) ₹1,80,000 by way of gift from office colleagues (none of them are his relatives). He also receive
CS Executive · Tax Laws · PYQS · June 2023
Pankaj received on the occasion of marriage (i) cash gift of ₹1,05,000 each from his maternal and paternal uncle; and (ii) ₹1,80,000 by way of gift from office colleagues (none of them are his relatives). He also received a vacant site (guideline value) ₹70,000 from his grandfather on his birthday being 22nd October, 2022. How much of gift is liable to tax as income?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax Act, 1961
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