Quiz for the week (11 May 2026) :
Sunil Tekriwal a resident Indian paid Rs.6 lakhs on 04.04.2026 for his 10-day tour to middle east countries along with his wife. He also paid Rs.15 lakhs to his son studying MBA in USA out of an education loan disbursed by SBI by remitting directly from the joint bank account (with his son) to the university on 01.05.2026. He gifted Rs.5 lakhs to his sister residing in UK for her 60th birth anniversary on 07.05.2026. What is the income-tax consequence of these transactions under Income-tax Act, 2025?
Share your thoughts on the above on or before 18th May 2026.