A lady received gifts worth ₹1,00,000 from her relatives as defined under the Income-tax Act, 1961 and ₹60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be —
CS Executive · Tax Laws and Practice · PYQS · December 2016
A lady received gifts worth ₹1,00,000 from her relatives as defined under the Income-tax Act, 1961 and ₹60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be —
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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