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

The aggregate value of monetary gift received during the previous year is exempted , if it

• A) Doesn’t exceed 50,000

• B) Exceed 50,000

• C) Exceed 45,000

• D) None of the above

The amount of dividend received from cooperative society is…..

• A) Partly taxable

• B) Exempted

• C) Taxable

• D) All of the above

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

Rishabh received the following gifts during the previous year:(i) ₹ 50,000 from his employer.(ii) ₹ 1,00,000 from mother’s sister.(iii) ₹ 10,000 from his friend on the occasion of his marriage.(iv) ₹ 60,000 in the form of scholarship from a registered charitable trust.The amount of taxable gift under the head ‘Income from other sources is

• (A) Nil

• (B) ₹ 50,000

• (C) ₹ 1,50,000

• (D) ₹ 2,10,000

A member of Parliament received ₹ 1,50,000 per month as salary and ₹ 4,50,000 as daily allowances during PY 2021-22. The taxable amount will be

• (A) Salary ₹ 18,00,000

• (B) Income from profession ₹ 22,50,000

• (C) Income from other sources ₹ 18,00,000

• (D) Nil