Mr. X, a resident employee of Hindustan Company established in India, received a scholarship of ₹ 5,00,000 from his employer to meet the cost of education of his children. X actually spent an amount of ₹ 4,50,000 on education of his children. What will be the amount of income exempt in the hands of X?
A. Nil
B. ₹ 4,50,000
C. ₹ 50,000
D. ₹ 5,00,000
Answer:D
Mr. X, a resident employee of Hindustan Company established in India, received a scholarship of ₹ 5,00,000 from his employer to meet the cost of education of his children. X actually spent an amount of ₹ 4,50,000 on education of his children. What will be the amount of income exempt in the hands of X?
A. Nil B. ₹ 4,50,000 C. ₹ 50,000 D. ₹ 5,00,000