Discuss the taxability with reason in the hands of recipient for the assessment year 2025-26 in respect of following receipts or income: (i) Mr. Ram…

Taxable/ Non-taxable Reason (i) Non-taxable Sum of money exceeding - 50,000 received without consideration by Mr. Ram from his father is not taxable under section 56(2) (x) since the sum is received from a relative i.e., father of Mr. Ram. (ii) Taxable The difference of 50lakhs between stamp duty value of 1,75,00,000 and actual consideration of 1,25,00,000 is taxable under section 56(2) (x) in the hands of Mrs. Radha since the difference exceeds - 12,50,000, being the higher of 50,000 and 10% of consideration. 50 lakhs is taxable in the hands of Mrs. Radha. 175 lakhs is to be considered as deemed sale consideration for the purpose of computing capital gain in the hands of Mr. Govind. (iii) Non-taxable Car is not included in the definition of property for the purpose of section 56(2)(x). Therefore, the car received by Ms. Agastha from her friend is not taxable.