Income Tax Law & Practice-II ( Income from other sources)

The amount deductible from a family pension is up to:

• (A) ₹ 15,000 or 1/3rd of family pension whichever is less

• (B) ₹ 15,000 or 1 /2 of family pension whichever is less

• (C) ₹ 10,000 or 1/3rd of family pension whichever is less

• (D) No deduction

Sameer received the following income during PY 2021-22: Director’s fees ₹ 5,000Income from agricultural land in Pakistan ₹ 15,000Rent from let-out of land in Jaipur ₹ 20,000Interest on deposit with HDFC Bank ₹ 1,000Dividend from Indian company ₹ 5,000.His income from other sources is

• (A) ₹ 41,000

• (B) ₹ 46,000

• (C) ₹ 31,000

• (D) ₹ 26,000

Akshay received a gift of ₹ 35,000 each on 22nd May 2021 from his three friends.The amount chargeable to tax, in this case, would be

• (A) ₹ 50,000

• (B) ₹ 1,05,000

• (C) Nil

• (D) ₹ 55,000

John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head

• (A) Income from house property

• (B) Income from capital gains

• (C) Income from profits and gains of business and profession

• (D) Income from other sources

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