Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be:

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Question:Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be:

1. Nil

2.₹ 30,000

3. ₹ 70,000

4. ₹ 80,000

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  1. Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be:
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