A lady received gifts worth ₹ 1,00,000 from her relatives as defined under the Income Tax Act, 1961 and X 60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be –
A. ₹ 1,60,000
B. ₹ 60,000
C. ₹10,000
D. ₹1,10,000
Answer:B
A lady received gifts worth ₹ 1,00,000 from her relatives as defined under the Income Tax Act, 1961 and X 60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be –
A. ₹ 1,60,000 B. ₹ 60,000 C. ₹10,000 D. ₹1,10,000