n NISM Certifications
X NISM Series X
Medium

Under the Income Tax Act, 1961, which of the following gifts will NOT be considered taxable?

Practice question from NISM Series XB- Investment Adviser (Level 2) Mock Test 6 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    House property received by a daughter through her father’s will

  2. B

    A motor car received by a son from his father costing Rs. 4 lakhs

  3. C

    Jewellery received by Mrs. Tina in her marriage costing Rs. 40,000

  4. All of the above

    Correct answer

Why this is the answer

Gifts received from relatives, including inheritance and marriage gifts, are exempt from taxation under the Income Tax Act, making all listed options non-taxable.

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