It has been received as incentive to encourage other professional students which the institute produces. It is not a gift nor a lottery. It is taxable as income from other sources as normal income. Tax to be paid only if total income including other income, if any, is more than the exemption limit.
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Whether it is taxable ?
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It has been received as incentive to encourage other professional students which the institute produces. It is not a gift nor a lottery. It is taxable as income from other sources as normal income. Tax to be paid only if total income including other income, if any, is more than the exemption limit.
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