Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram would be :
CS Executive · Tax Laws and Practice · PYQS · June 2017
Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram would be :
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C). Official source note: Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram would be : (A) Nil (B) ₹ 1,000 (C) ₹ 51,000 (D) ₹ 46,000 after deducting causal income of ₹ 5,000
Topics: Income Tax
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