Mrs. Vinita has reported the following transactions: (i) Received Cash gifts on the occasion of her marriage on 23.01.2021 of ₹2,25,000. It includes gift of ₹30,000 received from non-relatives. (ii) On 02.12.2020, being

CS Executive · Tax Laws · PYQS · December 2021
Mrs. Vinita has reported the following transactions: (i) Received Cash gifts on the occasion of her marriage on 23.01.2021 of ₹2,25,000. It includes gift of ₹30,000 received from non-relatives. (ii) On 02.12.2020, being her birthday, she received gift by account payee cheque of ₹81,000 from her mother's brother. (iii) On 01.10.2020, she acquired a vacant site from her friend for ₹8,15,000. The Stamp Valuation Authority fixed the value of site at ₹9,50,000 for stamp duty purposes. (iv) She bought 1000 equity shares of a listed company from Mona on 05.10.2020 for ₹7,00,000. The value of such shares in the stock exchange on the date of purchase was of ₹7,65,000. She asks you to determine and find out the amount chargeable to tax in her hands for A.Y. 2021-22:
(A) ₹2,00,000
(B) ₹2,81,000
(C) ₹3,11,000
(D) ₹3,71,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic