A person receives sums of money as gifts from non-relatives during a tax year, and no exception applies. Under section 92(2)(m) of the Income-tax Act, 2025, what aggregate must the gifts exceed…
Question and options
A person receives sums of money as gifts from non-relatives during a tax year, and no exception applies. Under section 92(2)(m) of the Income-tax Act, 2025, what aggregate must the gifts exceed before the whole amount becomes income?
₹50,000
₹1,00,000
₹25,000
₹10,000
Answer and explanation
Correct answer: A - ₹50,000
Section 92(2)(m)(i) of the Income-tax Act, 2025 treats the whole of any sums received without consideration as income where their total in the tax year exceeds ₹50,000. The figure is a threshold, not an exemption: once it is crossed, the entire amount is taxed, not only the excess.
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