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Which of the following is NOT a type of income that is taxable under the Income
Which of the following is NOT a type of income that is taxable under the Income Tax Act?
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Practice Questions
1 question
Q1
Which of the following is NOT a type of income that is taxable under the Income Tax Act?
Salary
House Property
Gifts from relatives
Capital Gains
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Gifts from relatives are not taxable under the Income Tax Act.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a type of income that is taxable under the Income Tax Act?
Solution:
Gifts from relatives are not taxable under the Income Tax Act.
Steps: 4
Show Steps
Step 1: Understand what taxable income means. Taxable income is money you earn that the government can tax.
Step 2: Learn about different types of income. Common types include salaries, wages, business income, and rental income.
Step 3: Identify what is NOT taxable. Some money you receive, like gifts from relatives, is not considered taxable income.
Step 4: Confirm that gifts from relatives are not taxed under the Income Tax Act, meaning you do not have to pay tax on them.
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