Lokesh (age 62) received the following gifts on the occasion of his birthday: (i) Cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of gift I. ₹ 38,000; (iii) Cash gifts from friends (non-relatives) ₹ 45,000; (iv) Purchased shares from younger brother for ₹ 1 lakh when the market value of the shares was ₹ 1,35,000. The amount of income chargeable to tax in respect to the above transactions would be:

  1. Home

Question:Lokesh (age 62) received the following gifts on the occasion of his birthday: (i) Cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of gift I. ₹ 38,000; (iii) Cash gifts from friends (non-relatives) ₹ 45,000; (iv) Purchased shares from younger brother for ₹ 1 lakh when the market value of the shares was ₹ 1,35,000. The amount of income chargeable to tax in respect to the above transactions would be:

1.₹ 1,48,000

2.₹ 1,18,000

3.180,000

4.Nil

Posted by R4R Team
  1. Lokesh (age 62) received the following gifts on the occasion of his birthday: (i) Cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of gift I. ₹ 38,000; (iii) Cash gifts from friends (non-relatives) ₹ 45,000; (iv) Purchased shares from younger brother for ₹ 1 lakh when the market value of the shares was ₹ 1,35,000. The amount of income chargeable to tax in respect to the above transactions would be:
Search
R4R Team
R4Rin Top Tutorials are Core Java,Hibernate ,Spring,Sturts.The content on R4R.in website is done by expert team not only with the help of books but along with the strong professional knowledge in all context like coding,designing, marketing,etc!