Akshay received a gift of ₹35,000 each on 22th May, 2013 from his three friends. The amount chargeable to tax in this case would be —

Correct answer: (B) ₹1,05,000. Aggregate non-relative gifts exceed 50,000; the full 1,05,000 is taxable under the applicable historical provision. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.