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.
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