Which one is not the component of capital receipts?

Tax Revenue.

The correct answer is Option (1) → Tax Revenue.

Tax revenue is not a component of capital receipts. It is part of revenue receipts, which include income received by the government that does not create any liability or reduce assets. Examples include income tax, GST, customs duties, etc.

Other Options: 

Option 2: Recovery of Loans. This is a capital receipt because it leads to a reduction in government assets (i.e., loans previously given are returned).

Option 3: Public Sector Undertaking Disinvestment. This is a capital receipt as it involves selling the government’s share in PSUs, leading to a reduction in assets.

Option 4: Borrowings and Other Liabilities. This is a capital receipt as it creates a liability for the government in the form of future repayment obligations.