Question

1. Profit on Sale of a house property is capital receipt which is, however, chargeable to tax.

2. Salary, paid to M by his employer X Ltd. out of capital reserve, is not income in the hands of M.
11. Income earned by an assessee during the assessment year is charged to tax during the previous
year.

3. Every person does not have to pay Income tax.

4. Gift received by a lawyer from his client is income as per Income Tax Act.

5. Gift received by son on his birthday from parents is income as per Income Tax Act.
refer the above statement n state which statement is true n false​

Answer 1

Answer:

Income received in India is taxable in the hands of ... UNIT-II. 1. Salary paid by an employer out of capital will be ... It is that income earned during a previous year is taxed in its relevant ...