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Scholarship received by a student was Rs. 2,000 per month. He spends Rs. 15,000 for meeting the cost of education during the year. The treatment for the balance amount Rs. 9,000 is:
Suggested Answer: C
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3 comments · newest first
RA
Raymon
4 days ago
I'm not entirely sure, but I feel like scholarships are usually exempt if used for education expenses.
MA
Ma
9 days ago
I remember a similar question where excess scholarship was treated as casual income. Could it be the same here?
CA
Catarina
14 days ago
I think the balance amount of Rs. 9,000 might be considered taxable since it's income not used for education.