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CA Inter Income from Other Sources — practice questions — page 3

Explore 63 free Income from Other Sources questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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Income from Other Sources questions and exercises with answers

Showing questions 61–63 of 63.

In one year Rahul gets Rs 30,000 and Rs 25,000 gifts from two friends. Taxable gift?Read the answer and worked solution →Meena gets Rs 20,000 from a friend and Rs 28,000 from a colleague in a year. Taxable gift?Read the answer and worked solution →A non-relative gifts exactly Rs 50,000 in a year. Taxable amount?Read the answer and worked solution →

Worked practice questions

In one year Rahul gets Rs 30,000 and Rs 25,000 gifts from two friends. Taxable gift?

  1. Rs 55,000
  2. Nil
  3. Rs 5,000
  4. Rs 25,000
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Correct answer: A. Rs 55,000

The two gifts aggregate to Rs 55,000, which exceeds fifty thousand, so the whole Rs 55,000 is taxed.

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Meena gets Rs 20,000 from a friend and Rs 28,000 from a colleague in a year. Taxable gift?

  1. Rs 20,000
  2. Nil
  3. Rs 28,000
  4. Rs 48,000
Show answer and solution

Correct answer: B. Nil

The aggregate of Rs 48,000 does not exceed fifty thousand, so clause (x) does not apply to either gift.

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A non-relative gifts exactly Rs 50,000 in a year. Taxable amount?

  1. Rs 50,000
  2. Rs 10,000
  3. Nil
  4. Rs 25,000
Show answer and solution

Correct answer: C. Nil

Clause (x) bites only when the aggregate exceeds Rs 50,000, so an amount of exactly Rs 50,000 is not taxed.

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