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

Ms. Sitara is in receipt of family pension of ₹ 15,000 p.m. during 2021-2022. Income chargeable to tax for AY 2022-23 of Ms. Sitara is

• (A) ₹ 1,80,000

• (B) ₹ 1,20,000

• (C) ₹ 1,65,000

• (D) Nil

While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds

• (A) ₹ 5,000

• (B) ₹ 10,000

• (C) ₹ 25,000

• (D) ₹ 50,000

Amit received ₹ 70,000 being winnings from lottery after deduction of tax at source.

His gross winnings from the lottery to be included in the total income is

• (A) Nil

• (B) ₹ 1,00,000

• (C) ₹ 70,000

• (D) ₹ 30,000

Sameer received the following income during PY 2021-22:

Director’s fees ₹ 5,000

Income from agricultural land in Pakistan ₹ 15,000

Rent from let-out of land in Jaipur ₹ 20,000

Interest on deposit with HDFC Bank ₹ 1,000

Dividend from Indian company ₹ 5,000.

His income from other sources is

• (A) ₹ 41,000

• (B) ₹ 46,000

• (C) ₹ 31,000

• (D) ₹ 26,000

Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company.

The amount of gift chargeable to income-tax would be:

• (A) Nil

• (B) ₹ 30,000

• (C) ₹ 70,000

• (D) ₹ 80,000