Which of the following is not included in taxable income —

CS Executive · Tax Laws and Practice · PYQS · December 2014
Which of the following is not included in taxable income —
(A) Income from smuggling activity
(B) Casual income
(C) Gifts of personal nature subject to a maximum of ₹50,000 received in cash
(D) Income received in kind.

Answer & Explanation:

Correct Answer: Option (C)

Correct answer: (C) Gifts of personal nature subject to a maximum of ₹50,000 received in cash. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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