When Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid ₹ 15 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is:

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Question:When Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid ₹ 15 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is:

1.Nil

2.₹ 5,00,000

3.₹ 1,00,000

4. ₹ 2,50,000

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  1. When Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid ₹ 15 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is:
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