Guide to .. Tax Management ,Tax Planning and Tax Saving

 

 

INCOME FROM OTHER SOURCES- Direct Taxes


1-Incomes Taxable under the head "Income from Other Sources" [Section 56(2)]

Following conditions must be satisfied before an income can be taxed under the head "Income from Other Sources":
 

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2- Income Tax in case of Winnings from Lotteries, Crossword Puzzles, Horse Races and Card Games [Section 56(2)(ib)]

Any winnings from: (i) lotteries, (ii) crossword puzzles, (iii) races including horse races, (iv) card games and other games of any sort, (v) gambling or betting of any form or nature whatsoever, are chargeable to tax as "income from other sources".
 

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3. Income Tax in case 'Interest on Securities' [Section 56(2)(id)]

Income, by way of interest on securities, is chargeable under the head "income from other sources", if such income is not chargeable to income-tax under the head. "Profits and Gains of Business or Profession".
 

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4. Tax on Income from Letting Out of Machinery, Plant or Furniture [Section 56(2)(ii)]

Income from machinery, plant or furniture, belonging to the assessee and let on hire, is chargeable as income from other sources, if the income is not chargeable to income-tax under the head "Profits and Gains of Business or Profession".
 

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5. Taxation in case of Gift of Money, Gift of property or Property Acquired for Inadequate Consideration [Section 56(2)(x)]

Where any person receives, in any previous year, from any person or persons on or after 1.4.2017 the following income, it shall be chargeable to income tax under the head "income from other sources" as per Section 56(2)(x)]:
 

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