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CA Intermediate · Taxation · Income from Other Sources

Anita, a resident individual, received Rs 60,000 on 5 April 2026 as a gift from a non-relative, and on 10 January 2027 she received a further Rs 20,000 from another non-relative. Separately, on her wedding day in June 2026 she received Rs 5,00,000 from friends. Her marriage was solemnised on 15 June 2026. What is the amount of gifts taxable in her hands for tax year 2026-27?

Rs 80,000 is taxable. Gifts received on the occasion of her own marriage are exempt. The remaining gifts from non-relatives total Rs 80,000, which exceeds Rs 50,000 in the tax year, so the whole amount is taxed as income from other sources.

  1. ARs 80,000Correct
  2. BRs 5,80,000
  3. CRs 60,000
  4. DNil

Explanation

Gifts received on the occasion of the individual's own marriage are exempt, so the Rs 5,00,000 is excluded. The other non-relative gifts aggregate Rs 60,000 + Rs 20,000 = Rs 80,000, which exceeds Rs 50,000, so the whole Rs 80,000 is taxable. Rs 60,000 counts only the first gift.

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