Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative regularly assessed to income-tax, is

Chargeable to tax as business income

A capital receipt not chargeable to tax

Exempt up to Rs.50,000 and balance chargeable to tax as income from other source

Gift of Rs 5,00,000 received on 10 July, 2008 through account payee ch

1.	Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative regularly assessed to income-tax, is
A.	A capital receipt not chargeable to tax
B.	Chargeable as other sources
C.	Chargeable to tax as business income
D.	Exempt up to Rs.50,000 and balance chargeable to tax as income from other source
Answer» C. Chargeable to tax as business income