When Mr. X retired from X & Co a partnership firm on 01-01-2017, he was paid ₹ 5 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is:
CS Executive · Tax Laws and Practice · PYQS · December 2017
When Mr. X retired from X & Co a partnership firm on 01-01-2017, he was paid ₹ 5 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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