Mr. Lachwani whose business income was ₹4,50,000 received a cash gift of ₹70,000 from a charitable trust registered under section 12AA for meeting his medical expenses during the Previous year 2020-21. What is the taxabl

CS Executive · Tax Laws and Practice · PYQS · December 2021
Mr. Lachwani whose business income was ₹4,50,000 received a cash gift of ₹70,000 from a charitable trust registered under section 12AA for meeting his medical expenses during the Previous year 2020-21. What is the taxable income under the head "Income from Other Sources" for the Assessment Year 2021-22 ?
(A) ₹20,000
(B) ₹50,000
(C) ₹70,000
(D) Not taxable

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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