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Which of the following is included in the definition of 'Income' under the Incom

Practice Questions

Q1
Which of the following is included in the definition of 'Income' under the Income Tax Act?
  1. Capital gains
  2. Gifts
  3. Inheritance
  4. None of the above

Questions & Step-by-Step Solutions

Which of the following is included in the definition of 'Income' under the Income Tax Act?
  • Step 1: Understand what 'Income' means in the context of the Income Tax Act.
  • Step 2: Identify different types of income that are recognized by the Income Tax Act.
  • Step 3: Learn that capital gains are profits made from selling an asset for more than its purchase price.
  • Step 4: Confirm that capital gains are specifically mentioned as part of the definition of 'Income' in the Income Tax Act.
  • Step 5: Conclude that capital gains are included in the definition of 'Income' under the Income Tax Act.
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