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GIFT 1 / 42 Q42: Gift on the occasion of Marriage received from a non-relative is ..................... to tax (a) Liable (b) Not Liable 2 / 42 Q41: A watch has been gifted to an individual which has fair market value of Rs. 1,00,000. The fair marketvalue of watch is (a) Exempt since received from a relative (b) Not taxable since watch is not movable property within the definition of section 56(2) (c) Taxable under head other sources (d) None of the above 3 / 42 Q40: Mr. J has received gift of Rs.1,50,000 in cash from his grandfather. The amount (a) Shall be taxable (b) Exempt from tax since amount is received from a relative (c) May be taxable (d) Not included in income 4 / 42 Q39: Mr. J has received gift of Rs.1,50,000 in cash from his cousin brother. The amount (a) Shall be taxable (b) Exempt from tax (c) May be taxable (d) Not included in income 5 / 42 Q38: Mr. J has received gift of Rs. 1,50,000 in cash from his mother’s sister. The amount shall betaxable in the hands of (a) Mr. J (b) Mother of Mr. J (c) Mother’s sister (d) None of the above 6 / 42 Q37: Mr. J received gift of Rs. 50,000 in cash from his friend. The amount shall be taxable in hands of (a) Mr. J (b) His friend (c) None of the above (d) Any of the above 7 / 42 Q36: Mr. J received gift of `45,000 in cash from his friend. The amount shall be taxable in hands of (a) Mr. J (b) His friend (c) None of the above (d) Any of the above 8 / 42 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 (a) Rs. 7,55,000 (b) Rs. 7,00,000 (c) Rs. 4,55,000 (d) Rs. 3,55,000 9 / 42 Q34: In computation of limit of `50,000 for taxability of immovable property received withoutconsideration .......... transaction shall be considered. (a) All transactions (b) Single Transaction (c) Either of (a) or (b) (d) None of (a) or (b) 10 / 42 Q33: Any work of art or bullion is not a movable property for purpose of section 56(2). Discuss validity (a) Correct (b) Incorrect (c) Partly correct (d) None of the above 11 / 42 Q32: Which of the following movable property is not taxable u/s 56(2) when transferred without consideration? (a) Drawings (b) Paintings (c) Cars (d) Sculptures 12 / 42 Q31: Which of the following are relative of an individual for the purpose of section 56(2) (a) Spouse of the individual (b) Brother or sister of the individual (c) Brother or sister of either of the parents of the individual (d) All of the above 13 / 42 Q30: In which of the following case, gift received is not taxable? (a) Gift received from any relative (b) Gift received on the occasion of marriage of the individual (c) Gift Received in contemplation of death of the payer or donor (d) All of the above 14 / 42 Q29: Movable property shall be taxable in the hands of recipients if (a) It has been received without consideration and the fair market value exceeds Rs. 50,000 (b) It has been received for consideration and the difference between fair market value and consideration exceeds Rs. 50,000 (c) Any of the above (d) None of the above 15 / 42 Q28: Which of the following statement is true? (a) Money received as gift shall be taxable in the hands of recipient if it exceeds Rs. 50,000 (b) Stamp duty value of the immovable property if it is given without consideration and the stamp duty value exceeds Rs. 45,000 (c) Fair market value of the movable property if it is given without consideration and the fair market value exceeds Rs. 40,000 (d) None of the above 16 / 42 Q27: The limit of Rs. 50,000 for computing limit for amount of cash received without consideration hasto be seen for (a) Separately for all transaction (b) Cumulatively for all transaction (c) Either of (a) and (b) (d) None of (a) and (b) 17 / 42 Q26: On 5/2/2021 Mr. J gets a gift of motor car from his relative Mr. D. Fair market value of the caris Rs. 3,60,000. The amount taxable u/s 56(2) is (a) Rs. 3,60,000 (b) Rs. 3,10,000 (c) Rs. 50,000 (d) Nil 18 / 42 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 (a) Rs. 25,00,000 (b) Rs. 24,50,000 (c) Rs. 20,00,000 (d) Nil 19 / 42 Q24: Gift of immovable property received by anindividual from unrelated person shall be: (a) Fully exempt whether the stamp duty value of such gift is less than or more than Rs. 50,000 (b) Fully taxable (c) Fully taxable if the stamp duty value of such gift exceeds Rs. 50,000 (d) None of the above 20 / 42 Q23: Gift received by HUF from members shall be: (a) Fully exempt (b) Fully taxable (c) Taxable to the extent it exceeds Rs. 50,000 (d) None of the above 21 / 42 Q22: Gift exceeding Rs. 50,000 received by Mr. J from his spouse Mrs. J shall be: (a) Fully exempt (b) Fully taxable (c) Exempt up to Rs. 50,000 and the balance shall be taxable (d) None of the above 22 / 42 Q21: Gift exceeding `50,000 received by HUF fromrelative of the member of HUF shall be: (a) Fully taxable (b) Fully exempt (c) Taxable to the extent it exceeds Rs. 50,000 (d) None of the above 23 / 42 Q20: Gift, whether in cash or kind, received by an individual on occasion of his/her marriage shall be: (a) Fully exempt even if it exceeds Rs. 50,000 (b) Fully taxable if it exceeds Rs. 50,000 (c) Exempt up to Rs. 50,000 and balance taxable (d) Fully exempt only if received from relatives 24 / 42 Q19: Gift of movable properties received by Individual or HUF shall be taxable in the hands of the recipient (a) If the aggregate market value of all such specified movable properties exceeds Rs. 50,000 (b) If the market value of each of such movable property exceeds Rs. 50,000 (c) If the stamp duty of each of such moveable property exceeds Rs. 50,000 (d) If the aggregate stamp duty value of all such specified movable properties exceed Rs. 50,000 25 / 42 Q18: Any immovable property acquired by any person for a price less than the stamp duty value istaxable (a) If stamp duty value exceeds the purchase price by 10% of stamp duty value (b) If stamp duty value exceeds the purchase price by more than Rs. 50,000 (c) Both of (a) and (b) (d) None of (a) or (b) 26 / 42 Q17: Any immovable property received by any person without consideration shall be taxable to theextent of (a) Market value of the immovable property (b) Stamp duty value fixed by the stamp duty authority (c) Stamp duty value fixed by the stamp duty authority provided it exceeds Rs. 50,000 (d) Stamp duty value minus Rs. 50,000 27 / 42 Q16: An individual has received a gift of Rs. 60,000 each during the AY 2021-2022 i.e. PY 2020-2021from his two friends, the amount taxable under the head income from the other sources shall be: (a) Rs. 10,000 (b) Rs. 1,20,000 (c) Rs. 60,000 (d) Rs. 70,000 28 / 42 Q15: When any sum of money which exceeds Rs. 50,000 is received without consideration then thewhole of such sum shall be taxable: (a) In the hands of all assesses (b) In the hands of an individual (c) In the hands of an individual or HUF (d) In the hands of all assesses other than a company 29 / 42 Q14: Mr. J received following gifts on the occasion of his birthday. Determine the amount taxable asIncome 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. (a) Rs. 1,48,000 (b) Rs. 1,18,000 (c) Rs. 80,000 (d) Nil 30 / 42 Q13: Mr. J received Rs. 80,000 in cash by way of gift from friends upon retirement from service. Theamount of gift chargeable to income-tax would be (a) Nil (b) Rs. 30,000 (c) Rs. 70,000 (d) RS. 80,000 31 / 42 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: (a) Nil (b) Rs. 1,000 after standard deduction of Rs. 50,000 (c) Rs. 51,000 (d) Rs. 46,000 after casual income of Rs. 5,000 32 / 42 Q11: Mr. J received cash gift of Rs. 51,000 from Mr. S on the occasion of his 50th birthday. Mr. S is not hisrelative. The amount liable to tax in the hands of Mr. J would be: (a) Nil (b) Rs. 1,000, after standard deduction of Rs. 50,000 (c) Rs. 51,000 (d) Rs. 46,000 after casual income of Rs. 5,000 33 / 42 Q10: GGC Pvt. Ltd. is a closely held company and has received from Mr. J shares of another closelyheld company but without any consideration (a) The whole of the fair market value of the shares shall be taxable (b) The whole of the FMV shall is taxable if it exceeds Rs. 50,000 (c) The whole of FMV shall be exempt (d) The whole of the cost of such shares shall be exempt 34 / 42 Q9: Mr. J acquired a motor car for Rs. 3,00,000 from his friend (non-relative) when the fair market valueof the motor car was Rs. 5,00,000. The amount liable to tax in the hands of Mr. J from the transaction is: (a) Rs. 3,00,000 (b) Rs. 2,00,000 (c) Rs. 1,50,000 (d) Nil 35 / 42 Q8: A lady received gifts in kind worth Rs. 1,00,000 from her relatives and Rs. 60,000 in cash from heroffice colleagues on her marriage anniversary. The taxable amount of gifts would be (a) Rs.1,60,000 (b) Rs.1,00,000 (c) Rs. 60,000 (d) NIL 36 / 42 Q7: Mr. J received the following gifts during the AY 2021-2022 i.e. PY 2020-2021. Determine theamount 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 (a) Nil (b) Rs. 50,000 (c) Rs. 1,50,000 (d) Rs. 2,10,000 37 / 42 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 lotterywinnings is Rs. 3,00,000 on which TDS has been done at 30%. He would be liable to pay tax of: (a) Rs. 87,500 (b) Rs. 90,000 (c) (Rs. 9,400) (d) Rs. 92,700 38 / 42 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: (a) Rs. 50,000 (b) Rs. 1,05,000 (c) Nil (d) Rs. 55,000 39 / 42 Q4: Mr. J has received a sum of Rs. 75,000 on24/10/2020 from his friend on the occasion of hismarriage anniversary. (a) Entire Rs. 75,000 is chargeable to tax. (b) Entire Rs. 75,000 is exempt from tax (c) Only Rs. 25,000 is chargeable to tax (d) Only 50% i.e. Rs. 37,500 is chargeable to tax 40 / 42 Q3: Mr. J has received a sum of Rs. 51,000 on 24/10/2020 from relatives on the occasion of his marriage. (a) Entire Rs. 51,000 is chargeable to tax (b) Only Rs. 1,000 is chargeable to tax (c) Entire Rs. 51,000 is exempt from tax (d) Only 50% i.e. Rs. 25,500 is chargeable to tax 41 / 42 Q2: Mr. J received `60,000 from his friend on the occasion of his birthday (a) The entire amount of Rs. 60,000 is taxable (b) Rs. 50,000 is taxable (c) The entire amount is exempt (d) Rs. 10,000 is taxable 42 / 42 Q1: Mr. J has acquired a building from his friend on 10/10/2020 for Rs.15,00,000. The stamp duty value ofthe building on the date of purchase is Rs.15,70,000. Income chargeable to tax in the hands of Mr. J is (a) Rs.70,000 (b) Rs. 50,000 (c) Nil (d) Rs. 20,000
GIFT
1 / 42
Q42: Gift on the occasion of Marriage received from a non-relative is ..................... to tax
2 / 42
Q41: A watch has been gifted to an individual which has fair market value of Rs. 1,00,000. The fair marketvalue of watch is
3 / 42
Q40: Mr. J has received gift of Rs.1,50,000 in cash from his grandfather. The amount
4 / 42
Q39: Mr. J has received gift of Rs.1,50,000 in cash from his cousin brother. The amount
5 / 42
Q38: Mr. J has received gift of Rs. 1,50,000 in cash from his mother’s sister. The amount shall betaxable in the hands of
6 / 42
Q37: Mr. J received gift of Rs. 50,000 in cash from his friend. The amount shall be taxable in hands of
7 / 42
Q36: Mr. J received gift of `45,000 in cash from his friend. The amount shall be taxable in hands of
8 / 42
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
9 / 42
Q34: In computation of limit of `50,000 for taxability of immovable property received withoutconsideration .......... transaction shall be considered.
10 / 42
Q33: Any work of art or bullion is not a movable property for purpose of section 56(2). Discuss validity
11 / 42
Q32: Which of the following movable property is not taxable u/s 56(2) when transferred without consideration?
12 / 42
Q31: Which of the following are relative of an individual for the purpose of section 56(2)
13 / 42
Q30: In which of the following case, gift received is not taxable?
14 / 42
Q29: Movable property shall be taxable in the hands of recipients if
15 / 42
Q28: Which of the following statement is true?
16 / 42
Q27: The limit of Rs. 50,000 for computing limit for amount of cash received without consideration hasto be seen for
17 / 42
Q26: On 5/2/2021 Mr. J gets a gift of motor car from his relative Mr. D. Fair market value of the caris Rs. 3,60,000. The amount taxable u/s 56(2) is
18 / 42
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
19 / 42
Q24: Gift of immovable property received by anindividual from unrelated person shall be:
20 / 42
Q23: Gift received by HUF from members shall be:
21 / 42
Q22: Gift exceeding Rs. 50,000 received by Mr. J from his spouse Mrs. J shall be:
22 / 42
Q21: Gift exceeding `50,000 received by HUF fromrelative of the member of HUF shall be:
23 / 42
Q20: Gift, whether in cash or kind, received by an individual on occasion of his/her marriage shall be:
24 / 42
Q19: Gift of movable properties received by Individual or HUF shall be taxable in the hands of the recipient
25 / 42
Q18: Any immovable property acquired by any person for a price less than the stamp duty value istaxable
26 / 42
Q17: Any immovable property received by any person without consideration shall be taxable to theextent of
27 / 42
Q16: An individual has received a gift of Rs. 60,000 each during the AY 2021-2022 i.e. PY 2020-2021from his two friends, the amount taxable under the head income from the other sources shall be:
28 / 42
Q15: When any sum of money which exceeds Rs. 50,000 is received without consideration then thewhole of such sum shall be taxable:
29 / 42
Q14: Mr. J received following gifts on the occasion of his birthday. Determine the amount taxable asIncome 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.
30 / 42
Q13: Mr. J received Rs. 80,000 in cash by way of gift from friends upon retirement from service. Theamount of gift chargeable to income-tax would be
31 / 42
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:
32 / 42
Q11: Mr. J received cash gift of Rs. 51,000 from Mr. S on the occasion of his 50th birthday. Mr. S is not hisrelative. The amount liable to tax in the hands of Mr. J would be:
33 / 42
Q10: GGC Pvt. Ltd. is a closely held company and has received from Mr. J shares of another closelyheld company but without any consideration
34 / 42
Q9: Mr. J acquired a motor car for Rs. 3,00,000 from his friend (non-relative) when the fair market valueof the motor car was Rs. 5,00,000. The amount liable to tax in the hands of Mr. J from the transaction is:
35 / 42
Q8: A lady received gifts in kind worth Rs. 1,00,000 from her relatives and Rs. 60,000 in cash from heroffice colleagues on her marriage anniversary. The taxable amount of gifts would be
36 / 42
Q7: Mr. J received the following gifts during the AY 2021-2022 i.e. PY 2020-2021. Determine theamount 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
37 / 42
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 lotterywinnings is Rs. 3,00,000 on which TDS has been done at 30%. He would be liable to pay tax of:
38 / 42
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:
39 / 42
Q4: Mr. J has received a sum of Rs. 75,000 on24/10/2020 from his friend on the occasion of hismarriage anniversary.
40 / 42
Q3: Mr. J has received a sum of Rs. 51,000 on 24/10/2020 from relatives on the occasion of his marriage.
41 / 42
Q2: Mr. J received `60,000 from his friend on the occasion of his birthday
42 / 42
Q1: Mr. J has acquired a building from his friend on 10/10/2020 for Rs.15,00,000. The stamp duty value ofthe building on the date of purchase is Rs.15,70,000. Income chargeable to tax in the hands of Mr. J is
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