Answer-Which of the following statements is INCORRECT?

Question

Which of the following statements is

INCORRECT?

A Daily allowance received by any person by reason of his membership of Parliament, or of any State Legislature, or of any Committee thereof is exempted.

B The annual value in respect of any one palace, which is in the occupation of an ex-ruler, is exempted.

C Share in the total income of the firm is taxable in the hands of a partner.

D Any income received by any person on behalf of any Regimental Fund or Non-public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependents is exempt.

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Solution