Which of the following is NOT a type of income that is taxable under the Income

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Question: Which of the following is NOT a type of income that is taxable under the Income Tax Act?

Options:

Correct Answer: Gifts from relatives

Solution:

Gifts from relatives are not taxable under the Income Tax Act.

Which of the following is NOT a type of income that is taxable under the Income Tax Act?

Which of the following is NOT a type of income that is taxable under the Income Tax Act?

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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