Question
Income received by an individual as a gift of ₹60,000
from a friend residing in India is:Solution
As per the Income Tax Act, gifts are taxable under "Income from Other Sources" if received from a non-relative (friend is not a specified relative) and the aggregate value exceeds ₹50,000 in a year. Since ₹60,000 > ₹50,000 and is from a friend, the entire ₹60,000 is taxable.
Who is the constitutional head of the Government of India?
Who was the first President of the Constituent Assembly of India?
Which article of the Indian Constitution deals with the formation of new states and alteration of areas, boundaries, or names of existing states?
What does the First Schedule of the Constitution of India list?
Which Article of the Indian Constitution deals with the prohibition of discrimination on grounds of religion, race, caste, sex, or place of birth.
The concept of 'Basic Structure' of the Constitution was propounded by the Supreme Court in which case.
Which of the following is non-justiciable in nature in the Indian Constitution?
What is the significance of decentralized planning in Panchayat Raj institutions?
Which article in Constitution of India deals with the Right of minorities to establish and administer educational institutions?
Which of the following fundamental rights is not enshrined in the Constitution of India?
