Income from other sources – Test 1

Sum of money received by a person without consideration, the aggregate value of which exceeds __________ during the previous year shall be charged to tax under the head ____________.

If the aggregate value of sum of money received without consideration during the year exceeds Rs. 50,000, then_______ shall be charged to tax.

The stamp duty value of immovable property received by a person without consideration shall be charged to tax if the same will exceed ________.

If the aggregate fair market value of movable properties received by the taxpayer without consideration during the previous year exceeds Rs. 50,000, then _______ will be charged to tax.

As per section 2(22), dividend does not include________.

Dividend received from a foreign company is charged to tax under the head______.

Dividend received from foreign by an individual shareholder shall be charged to tax at___________.

As per section _______, any income which does not fall under earlier four heads is charged to tax under the head “Income from Other Sources”.

Which of the following incomes may not be charged to tax under the head “Income from other sources”?

Ms. Roma let out furniture along with residential building and such lettings were inseparable. Under which head rental income from such letting would be taxable?

Interest received on compensation or enhanced compensation is taxable under the head _____

As per section 57(iv), _______ of interest received on compensation or enhanced compensation is deductible subject to the condition that no other expenditure is deductible against such income.

Income from sub-letting is taxable under the head _________

Mr. Mohan received Rs. 70,000 towards winning from horse race. What is the amount chargeable to tax under the head “Income from other sources”?

Mrs. Thakker won a lottery. At what rate such winnings would be chargeable to tax?

During the previous year, Mr. Raghunath received cash gift of Rs. 21,000 from his father. He also received cash gift of Rs. 30,000 from his friends on his birthday. Find out the amount chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Raghunath received cash gift of Rs. 21,000 from his father and Rs. 1,00,000 from his friends on his marriage. Find out the amount chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Ranbir received cash gift of Rs. 1,00,000 from his friends on the occasion of his wedding anniversary. Find out the amount chargeable to tax under the head “Income from other sources”?

Mr. Kush received Rs. 10,00,000 under will of his neighbor. Find out the amount chargeable to tax under the head “Income from other sources”?

Money/property received in contemplation of death of the payer is charged to tax under which of the following head?

Out of the followings, which capital asset of the assessee does not fall within the meaning of “Property” for the purpose of taxing gift of such property under the head “Income from Other Sources”?

During the previous year, Miss Manu received gold ornaments worth Rs. 71,000 from the in-laws of her sister-in-law on the occasion of his brother’s marriage. What shall be the amount that would be chargeable to tax?

During the previous year, Mr. Ankur received painting having market value of Rs. 62,250 from his father’s nephew. What will be the amount chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Kanha received a gift of brand new laptop from his employer which was purchased for Rs. 58,500. Find out the amount chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Gyani received residential building without consideration from the neighbor, the stamp duty value of which was Rs. 12,00,000. Find out the amount chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Manan was allotted a residential flat from MT Construction, a
partnership firm whose partners are father and brother of of Mr. Manan. This flat was allotted
without consideration though stamp duty value of this flat was Rs. 24,50,000/-. Find out the amount chargeable to tax in the hands of Mr. Manan while computing income chargeable to tax under the head “Income from other sources”?

Ms. Maya purchased 1000 shares of Vedanta Ltd. from her friend at Rs. 100 per share. The
market quotation in BSE and NSE on the date of purchase was Rs. 210 and Rs. 222 respectively. Find out the amount liable to tax in the hands of Ms. Maya while computing income chargeable to tax under the head “Income from other sources”?

During the previous year, ABC LTD. purchased a plot of land worth Rs. 8,50,000. The stamp duty value of the plot was Rs. 10,00,000. What will be the amount chargeable to tax in the hands of ABC LTD. while computing income chargeable to tax under the head “Income from other sources”?

During the previous, Mr. Don received gift of agricultural land situated in rural area. Stamp duty value of such agricultural land was Rs. 1,44,000. Find out the amount chargeable to tax in the hands of Mr. Don while computing income chargeable to tax under the head “Income from other sources”?

During the previous year, Mr. Rahul purchased a painting of Indira Gandhi from a registered dealer at invoice value of Rs. 55,000. The same painting is sold by another registered dealer for Rs. 1,25,000. Find out the amount chargeable to tax in the hands of Mr. Rahul while computing income chargeable to tax under the head “Income from other sources”?