X, a student, aged 16 years, received scholarship of ₹ 50,000 during the previous year 2020-21. Which of the following statements are true regarding taxability of such income:
A. Such income shall be assessed in hands of X
B. Such income to be included with the income of parent whose income before such clubbing is higher
C. Such income is completely exempt from tax
D. Such income to be clubbed with father’s income.
Answer:C
X, a student, aged 16 years, received scholarship of ₹ 50,000 during the previous year 2020-21. Which of the following statements are true regarding taxability of such income:
A. Such income shall be assessed in hands of X B. Such income to be included with the income of parent whose income before such clubbing is higher C. Such income is completely exempt from tax D. Such income to be clubbed with father’s income.