Ram has gifted on 11th May 2020 an amount of ₹ 10,00,000to his wife Sita without consideration and also for not to live apart. The gifted amount was invested by his wife in interest-bearing security on which she earned interest of ₹ 1,00,000 on 1st January 2020. The amount of interest of ₹ 1,00,000 was further invested by her in the business from which she earned a profit of ₹ 15,000 for the period ended on 31st March 2020. Specify the income which is to be included in the hands of Ram in A. Y. 2021-22.

  1. Home

Question:Ram has gifted on 11th May 2020 an amount of ₹ 10,00,000to his wife Sita without consideration and also for not to live apart. The gifted amount was invested by his wife in interest-bearing security on which she earned interest of ₹ 1,00,000 on 1st January 2020. The amount of interest of ₹ 1,00,000 was further invested by her in the business from which she earned a profit of ₹ 15,000 for the period ended on 31st March 2020. Specify the income which is to be included in the hands of Ram in A. Y. 2021-22.

1.₹ 1,15,000

2.₹ 1,00,000

3. ₹ 15,000

4. Nil

Posted by R4R Team
  1. Ram has gifted on 11th May 2020 an amount of ₹ 10,00,000to his wife Sita without consideration and also for not to live apart. The gifted amount was invested by his wife in interest-bearing security on which she earned interest of ₹ 1,00,000 on 1st January 2020. The amount of interest of ₹ 1,00,000 was further invested by her in the business from which she earned a profit of ₹ 15,000 for the period ended on 31st March 2020. Specify the income which is to be included in the hands of Ram in A. Y. 2021-22.
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!