Fiscal deficit means :

The correct answer is option (4) : Total Expenditure - (Revenue Receipts +Non-Debt creating Capital Receipts)

Fiscal Deficit: Fiscal deficit is the difference between the government’s total expenditure and its total receipts excluding borrowing

Gross fiscal deficit = Total expenditure – (Revenue receipts + Non-debt creating capital receipts)

The fiscal deficit will have to be financed through borrowing. Thus, it indicates the total borrowing requirements of the government from all sources.