Ram has gifted an amount of ₹10,00,000 to his wife Sita without consideration (but not to live apart), which was invested by his wife in interest bearing security. She earned interest of ₹1,00,000. The interest of ₹1,00,
CS Executive · Tax Laws and Practice · PYQS · June 2018
Ram has gifted an amount of ₹10,00,000 to his wife Sita without consideration (but not to live apart), which was invested by his wife in interest bearing security. She earned interest of ₹1,00,000. The interest of ₹1,00,000 was further invested by her in the business from which she earned a profit of ₹15,000. The income which is to be included out of this gifted amount in the hands of Ram is:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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