Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be:
A. Nil
B. ₹ 30,000
C. ₹ 70,000
D. ₹ 80,000
Answer:D
Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be:
A. Nil B. ₹ 30,000 C. ₹ 70,000 D. ₹ 80,000