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Which of the following is NOT considered as income under the Income Tax Act?

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Question: Which of the following is NOT considered as income under the Income Tax Act?

Options:

  1. Salary
  2. House Rent Allowance
  3. Gifts from relatives
  4. Interest on savings account

Correct Answer: Gifts from relatives

Solution: 

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

Which of the following is NOT considered as income under the Income Tax Act?

Practice Questions

Q1
Which of the following is NOT considered as income under the Income Tax Act?
  1. Salary
  2. House Rent Allowance
  3. Gifts from relatives
  4. Interest on savings account

Questions & Step-by-Step Solutions

Which of the following is NOT considered as income under the Income Tax Act?
  • Step 1: Understand what income is according to the Income Tax Act.
  • Step 2: Identify different types of income that are taxable.
  • Step 3: Learn about gifts and how they are treated under the Income Tax Act.
  • Step 4: Recognize that gifts from relatives are not included in taxable income.
  • Step 5: Conclude that gifts from relatives do not count as income for tax purposes.
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