Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram would be:
A. Nil
B. ₹ 1,000
C. ₹ 51,000
D. ₹ 46,000 after deducting causal in-come of ₹ 5,000
Answer:C
Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram would be:
A. Nil B. ₹ 1,000 C. ₹ 51,000 D. ₹ 46,000 after deducting causal in-come of ₹ 5,000