Under the Income-tax Act, 2025, any sum of money exceeding ₹ 50,000 in aggregate received without…
The rule taxing sums of money received without consideration (formerly section 56(2)(x) of the Income-tax Act, 1961, continued in the Income-tax Act, 2025) applies to any…
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Under the Income-tax Act, 2025, any sum of money exceeding ₹ 50,000 in aggregate received without consideration during a tax year (other than in the excepted cases) is fully taxable in the hands of
Answer and explanation
Correct answer D
The rule taxing sums of money received without consideration (formerly section 56(2)(x) of the Income-tax Act, 1961, continued in the Income-tax Act, 2025) applies to any person: where the aggregate of such sums received in a tax year exceeds ₹50,000, the whole amount is taxable as income from other sources, subject to exceptions such as gifts from relatives, on marriage or under a will. The earlier rule, which covered only individuals and HUFs, was replaced for receipts on or after 1 April 2017. Hence 'All assessees'.
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UGC NET Commerce