GIFT

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Q42: Gift on the occasion of Marriage received from a non-relative is ..................... to tax

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Q41: A watch has been gifted to an individual which has fair market value of Rs. 1,00,000. The fair market
value of watch is

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Q40: Mr. J has received gift of Rs.1,50,000 in cash from his grandfather. The amount

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Q39: Mr. J has received gift of Rs.1,50,000 in cash from his cousin brother. The amount

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Q38: Mr. J has received gift of Rs. 1,50,000 in cash from his mother’s sister. The amount shall be
taxable in the hands of

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Q37: Mr. J received gift of Rs. 50,000 in cash from his friend. The amount shall be taxable in hands of

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Q36: Mr. J received gift of `45,000 in cash from his friend. The amount shall be taxable in hands of

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Q35: Mr. Johar has received three gifts from his three friends
(i) Rs. 55,000 in cash
(ii) Land with market value Rs. 5,00,000, value for purpose of charging stamp duty Rs. 4,00,000
(iii)Jewellery with market value Rs. 3,00,000 What is the amount taxable as income from other sources

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Q34: In computation of limit of `50,000 for taxability of immovable property received without
consideration .......... transaction shall be considered.

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Q33: Any work of art or bullion is not a movable property for purpose of section 56(2). Discuss validity

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Q32: Which of the following movable property is not taxable u/s 56(2) when transferred without consideration?

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Q31: Which of the following are relative of an individual for the purpose of section 56(2)

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Q30: In which of the following case, gift received is not taxable?

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Q29: Movable property shall be taxable in the hands of recipients if

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Q28: Which of the following statement is true?

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Q27: The limit of Rs. 50,000 for computing limit for amount of cash received without consideration has
to be seen for

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Q26: On 5/2/2021 Mr. J gets a gift of motor car from his relative Mr. D. Fair market value of the car
is Rs. 3,60,000. The amount taxable u/s 56(2) is

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Q25: On 30/12/2020 Mr. J gets by gift of a commercial flat (stamp duty value is Rs. 25,00,000)
from elder brother of his father in law. The amount chargeable to tax in the hands of Mr. J is

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Q24: Gift of immovable property received by an
individual from unrelated person shall be:

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Q23: Gift received by HUF from members shall be:

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Q22: Gift exceeding Rs. 50,000 received by Mr. J from his spouse Mrs. J shall be:

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Q21: Gift exceeding `50,000 received by HUF from
relative of the member of HUF shall be:

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Q20: Gift, whether in cash or kind, received by an individual on occasion of his/her marriage shall be:

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Q19: Gift of movable properties received by Individual or HUF shall be taxable in the hands of the recipient

 

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Q18: Any immovable property acquired by any person for a price less than the stamp duty value is
taxable

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Q17: Any immovable property received by any person without consideration shall be taxable to the
extent of

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Q16: An individual has received a gift of Rs. 60,000 each during the AY 2021-2022 i.e. PY 2020-2021
from his two friends, the amount taxable under the head income from the other sources shall be:

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Q15: When any sum of money which exceeds Rs. 50,000 is received without consideration then the
whole of such sum shall be taxable:

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Q14: Mr. J received following gifts on the occasion of his birthday. Determine the amount taxable as
Income from other sources
(i) cash gift from elder brother Rs. 30,000
(ii) Gold chain from younger sister which has market value of Rs. 38,000
(iii) cash gifts from friends Rs. 45,000
(iv) purchased shares from younger brother for Rs. 1,00,000 when the market value of the shares was Rs. 1,35,000.

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Q13: Mr. J received Rs. 80,000 in cash by way of gift from friends upon retirement from service. The
amount of gift chargeable to income-tax would be

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Q12: Mr. J received cash gift of Rs. 51,000 from Mr. S on occasion of his 50th birthday. Mr. S is his son.
Amount liable to tax in the hands of Mr. J would be:

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Q11: Mr. J received cash gift of Rs. 51,000 from Mr. S on the occasion of his 50th birthday. Mr. S is not his
relative. The amount liable to tax in the hands of Mr. J would be:

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Q10: GGC Pvt. Ltd. is a closely held company and has received from Mr. J shares of another closely
held company but without any consideration

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Q9: Mr. J acquired a motor car for Rs. 3,00,000 from his friend (non-relative) when the fair market value
of the motor car was Rs. 5,00,000. The amount liable to tax in the hands of Mr. J from the transaction is:

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Q8: A lady received gifts in kind worth Rs. 1,00,000 from her relatives and Rs. 60,000 in cash from her
office colleagues on her marriage anniversary. The taxable amount of gifts would be

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Q7: Mr. J received the following gifts during the AY 2021-2022 i.e. PY 2020-2021. Determine the
amount of taxable gift while calculating his taxable income.
(i) Rs. 50,000 in cash from his employer
(ii) Rs. 1,00,000 in cash from mother’s sister
(iii) Rs. 1,00,000 in cash from his friend on the occasion of his marriage
(iv) Rs. 60,000 in cash in the form of scholarship from a registered charitable trust registered u/s 12AB

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Q6: Mr. J received cash gift of Rs. 2,00,000 on the occasion of his marriage. It includes gift from non-relative of Rs. 80,000. His income by way of lottery
winnings is Rs. 3,00,000 on which TDS has been done at 30%. He would be liable to pay tax of:

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Q5: Mr. J received a gift of Rs. 35,000 on 30/8/2020 from each of his three friends. The amount chargeable to tax in this case would be:

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Q4: Mr. J has received a sum of Rs. 75,000 on
24/10/2020 from his friend on the occasion of his
marriage anniversary.

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Q3: Mr. J has received a sum of Rs. 51,000 on 24/10/2020 from relatives on the occasion of his marriage.

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Q2: Mr. J received `60,000 from his friend on the occasion of his birthday

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Q1: Mr. J has acquired a building from his friend on 10/10/2020 for Rs.15,00,000. The stamp duty value of
the building on the date of purchase is Rs.15,70,000. Income chargeable to tax in the hands of Mr. J is