Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be :
CS Executive · Tax Laws and Practice · PYQS · December 2017
Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be :
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D). Official source note: Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be : (A) Nil (B) ₹ 30,000 (C) ₹ 70,000 (D) ₹ 80,000
Topics: Income Tax
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