Rajiv (aged 28 years) received cash gift of ₹2 lakh on the occasion of his marriage. It includes gift from non-relative of ₹80,000. His income by way of lottery winnings is ₹3 lakh. His net income tax liability (ignoring

CS Executive · Tax Laws and Practice · PYQS · December 2015
Rajiv (aged 28 years) received cash gift of ₹2 lakh on the occasion of his marriage. It includes gift from non-relative of ₹80,000. His income by way of lottery winnings is ₹3 lakh. His net income tax liability (ignoring TDS) would be
(A) ₹92,700
(B) ₹22,660
(C) ₹12,360
(D) ₹25,750.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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