Lokesh (age 62) received following gifts on the occasion of his birthday: (i) cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of gift ₹ 38,000; (iii) cash gifts from fr
CS Executive · Tax Laws and Practice · PYQS · December 2017
Lokesh (age 62) received following gifts on the occasion of his birthday: (i) cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of gift ₹ 38,000; (iii) cash gifts from friends (non-relatives) ₹ 45,000; (iv) purchased shares from younger brother for ₹ 1 lakh when the market value of the shares was ₹ 1,35,000. Amount of income chargeable to tax in respect to the above transactions would be :
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax
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