NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Concepts in Taxation
Which of the following is correctly classified as a capital receipt not chargeable to tax as income, in the hands of a salaried individual?
A cash gift of Rs 1,00,000 from his brother is not taxed, because gifts received from specified relatives are exempt without any monetary limit. Bonus, FD interest and rent are all income chargeable to tax under their respective heads.
- AAnnual bonus received from the employer
- BInterest earned on a fixed deposit
- CGift of cash Rs 1,00,000 received from his brotherCorrect
- DRent received from a let-out flat
Explanation
Gifts from specified relatives, including a brother, are exempt from tax irrespective of the amount. Bonus is salary, FD interest is income from other sources, and rent is house property income, all taxable.
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