Question

Mr Ankit has received a gift for from his friend the market value of discard said is rupees 500000 what will be the taxable bill amount of the gift?

Answer 1

Option B

The whole amount of 5 lakh is taxable under the head income from other sources.

Since , the value of gift (moveable property exceeded Rs.50,000

Answer 2

Mr Ankit has received a gift for from his friend the market value of discard said is rupees 500000.

The option B is the correct option.

Whole 5 lakh is taxable under the income tax account from the other sources because the value of moveable propety has exceeded rs. 50000.