Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] State the a
CS Executive · Tax Laws · PYQS · December 2018
Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] State the amounts subject to tax out of the following gifts received during the previous year 2017-18 by Mr. Girish: (a) Wrist watch of ₹ 70,000 given by a non-resident friend. (b) Cash of ₹ 51,000 given by elder brother.
Answer & Explanation:
The amounts subject to tax with respect to the gifts received by Mr. Girish during the previous year 2017-18 is NIL as the gift from elder brother (being relative) is exempt from tax and wrist watch is not covered within the meaning of the term 'property' for the purpose of section 56(2)(vii/x) of the Income Tax Act, 1961 and therefore not taxable.
Topics: Income Tax Act, 1961
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