Question

QUESTIONS OF 50
Gift received by Mr. Mohan from his friend amounts to R$ 80,000, shall be
OPTIONS
exempt uplo R$ 25,000
Ob fully taxable
6 fully exempt from tax
d
exempt upto Rs 50,000

Answer 1

Gift received by Mr. Mohan from his friend amounts which to Rs. 80,000 will be fully taxable in terms Indian Income Tax regime.

• If Mr. Mohan had received gifts for an aggregate amount of Rs. 50,000 he might have been exempted from tax.
• But the whole amount becomes taxable if the limit exceeds
• And the whole amount will be added to your income which will be further taxable according to which tax bracket you fall under.
• The amount is taxable as Income from other sources.