Income tax law and practice (17.02.2023)

What is the tax treatment of gifts received from friends or relatives?

• a) Fully taxable

• b) Exempt up to a limit of Rs. 50,000 in a financial year

• c) Exempt up to a limit of Rs. 1,00,000 in a financial year

• d) Not taxable

Which of the following is not considered as income from other sources for a partnership firm?

• a) Interest income from a bank deposit

• b) Dividend income

• c) Income from sale of goods

• D) ) Rent received from letting out a part of the premises

What is the maximum amount of exempt income allowed for interest earned on a savings account in a financial year?

• a) Rs. 10,000

• b) Rs. 20,000

• c) Rs. 30,000

• d) Rs. 40,000

Which of the following is not considered as Income from other sources for an individual?

• a) Winning from a game show

• b) Income from letting out machinery

• c) Interest on income tax refund

• d) Income from sale of a long-term capital asset

Which of the following is not included under Income from other sources for an HUF?

• a) Rental income from a house property

• b) Interest income from a savings account

• c) Income from letting out machinery

• d) Income from a business carried on by the HUF

What is the tax treatment of gifts received by a taxpayer from a relative outside India?

• a) Fully taxable

• b) Exempt up to a limit of Rs. 50,000 in a financial year

• c) Exempt up to a limit of Rs. 1,00,000 in a financial year

• d) Not taxable

Which of the following is not included under Income from other sources for a co-operative society?

• a) Interest income from a bank deposit

• b) Dividend income

• c) Rental income from letting out a part of the premises

• d) Profit from sale of goods