Site navigation

Arjun, an individual, receives cash gifts of Rs. 35,000 from each of three friends, none of whom is his…

Section 92(2)(m)(i) taxes "the whole of such sum" when aggregate non-exempt cash gifts exceed fifty thousand rupees. Three gifts of thirty-five thousand total Rs. 1,05,000,…

Choose your answer

Arjun, an individual, receives cash gifts of Rs. 35,000 from each of three friends, none of whom is his relative, on 30 June 2026. He has no other such receipt and no exception applies. Under section 92(2)(m) of the Income-tax Act, 2025, how much is chargeable to tax in his hands for tax year 2026-27?

Select one answer
Answer and explanation

Correct answer A

Section 92(2)(m)(i) taxes "the whole of such sum" when aggregate non-exempt cash gifts exceed fifty thousand rupees. Three gifts of thirty-five thousand total Rs. 1,05,000, so taxing merely the excess Rs. 55,000 would understate the inclusion.

Practice for these exams

Related exam syllabi

Related questions in this topic