Examine whether the following are chargeable to tax in the hands of Mrs. Nitu and the amount liable to tax for the assessment year 2025-26: (i) On…

(b) Amount liable to tax in the hands of Mrs. Nitu for A.Y. 2025-26 Amount (₹) (i) Gifts received on marriage The amount of 5,40,000 received by Mrs. Nitu from relatives and non-relatives is not taxable under section 56(2) (x) since such gifts are received on her marriage. (ii) The difference between stamp duty value on the date of agreement and actual consideration 5,00,000 The difference between stamp duty value on the date of agreement of 30lakhs and actual consideration of 25lakhs is taxable under section 56(2) (x) since the difference exceeds - 2,50,000, being the higher of 50,000 and 10% of consideration. Stamp duty value on the date of agreement is considered since part payment i.e., 2% of sale consideration was paid through account payee cheque on the date of agreement. (iii) Profit from business of Mr. Aman 1,66,667 Since the amount of 12lakhs invested in the business by Mr. Aman includes 4lakhs gifted by Mrs. Nitu, the proportionate profit attributable to such gifted amount, computed by taking such investment as on the first day of the previous year i.e., on 1st September 2024 to total investment in the business, is to be included in the income of Mrs. Nitu [5lakhs x 4 lakhs/12 lakhs]