Economics · Income Tax Act
Under the Income Tax Act, 1961, monetary sums or property received without consideration by an individual shall be taxable if such gift is received from which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Any close friend of the individual✓
- 2Brother or sister of the individual
- 3Brother or sister of the spouse of the individual
- 4Spouse of the individual
Correct answer
Any close friend of the individual
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