State which out of the following gifts received during the year by Girish from different persons shall be subject to tax in the assessment year 2018-19: (i) Wrist watch of ₹75,000 given by a non-resident friend. (ii) Cas

CS Executive · Tax Laws and Practice · PYQS · December 2018
State which out of the following gifts received during the year by Girish from different persons shall be subject to tax in the assessment year 2018-19: (i) Wrist watch of ₹75,000 given by a non-resident friend. (ii) Cash of ₹51,000 given by elder brother. (iii) Cash of ₹21,000 each given by 4 friends on his birthday. (iv) Painting of ₹30,000 given by employer on his birthday.
(A) (iii) and (iv)
(B) (i), (iii) and (iv)
(C) (ii) and (iii)
(D) All the four in (i), (ii), (iii) and (iv)

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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