Under the Income-tax Act, 2025, a sum of money received by an individual without consideration from…
Money received without consideration is taxed as income from other sources under section 92(2) of the Income-tax Act, 2025 (earlier section 56(2)(x) of the 1961 Act) only…
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Under the Income-tax Act, 2025, a sum of money received by an individual without consideration from persons who are not relatives during a tax year is not chargeable to tax if the aggregate of such sums does not exceed
Answer and explanation
Correct answer C
Money received without consideration is taxed as income from other sources under section 92(2) of the Income-tax Act, 2025 (earlier section 56(2)(x) of the 1961 Act) only when the aggregate from non-relatives in the tax year exceeds ₹ 50,000. The limit is not a deduction: if the aggregate is, say, ₹ 60,000, the whole ₹ 60,000 is taxable, while ₹ 48,000 would be fully outside tax. Gifts from relatives and gifts on marriage are exempt whatever their amount; ₹ 25,000, ₹ 75,000 and ₹ 1,00,000 are not the statutory limit.
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Gujarat SET (GSET)