Mr. Gupta, a resident individual aged 65 years, earned pension (computed) of 7,50,000 during the P.Y. 2024-25. He gifted a sum of 3,50,000 to his…

CA Intermediate · Taxation · MTP · January 2026
Mr. Gupta, a resident individual aged 65 years, earned pension (computed) of 7,50,000 during the P.Y. 2024-25. He gifted a sum of 3,50,000 to his minor daughter, Anu in May 2024. Anu invested the amount in fixed deposits and earned interest of 18,000 during the year 2024-25. Mr. Gupta also earned - 45,000 as interest from fixed deposits held in his name. Mrs. Gupta provides online coaching and her income from coaching is 11,00,000 during the P.Y. 2024-25 Mr. Gupta remitted - 11,00,000 under LRS of RBI through an authorized dealer for three different purposes - 2,00,000 on 16.7.2024 for overseas medical treatment of a close relative; 3,50,000 on 18.9.2024 to a seller of an overseas tour programme for an overseas tour package, and 5,50,000 on 15.12.2024 as education fees for his son studying abroad. From the information given above, choose the most appropriate answer to the following questions –
(A) ₹ 18,000 interest income will be taxable in the hands of Anu since it is her investment.
(B) ₹ 18,000 interest income will be included in the income of Mr. Gupta
(C) The interest income is exempt.
(D) ₹ 18,000 interest income will be included in the income of Mrs. Gupta

Suggested Answer and Working Notes:

Correct Answer: Option (B)

₹ 18,000 interest income will be included in the income of Mr. Gupta

Topics: Paper 3B: Goods and Services Tax, Paper 3A: Income Tax Laws

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