Question

(24) Gift received by lawyer from client is
in the hands of lawyer.
exempt
(II) taxable as income from profession
(III) taxable as income from other sources
(lv) taxable as income from profession only if it exceeds Rs 5000
(OP

Answer 1

Answer:

taxable income from profession

Explanation:

it is treated as a business income as per it act 1960

Answer 2

Answer:

When any income is earned under the head of Business and a Profession it will be mentioned in Taxable as income from a profession.

Explanation:

• According to Income Tax Act, 1961; constitute basically 5 heads under it, namely

1. Income earned from house property
2. income earned from salary
3. income earned from profit and gain from profession and business
4. income earned from capital gains
5. income earned from other sources

• These are the five heads from which income is earned and become chargeable under the income tax act, of 1961.
• In this act one special act is mentioned which deals exemption of income that is not taxable.
• Section 10 of the Income Tax Act, of 1961 deals with income that is not deductible as because. it exempted from tax  

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