Deductions from Income from Other Sources [Sec. 57]

The following expenditures are allowed as deductions from income chargeable to tax under the head ‘Income from Other Sources’:
S.N.	Section	Nature of Income	Deductions allowed
1	57(i)	Dividend or Interest on securities	Any reasonable sum paid by way of commission or remuneration to banker or any other person for purpose of realizing dividend  or interest on securities
2	57(ia)	Employee’s contribution towards Provident Fund, Superannuation Fund, ESI Fund or any other fund setup for the welfare of such employees	If employees’ contribution is credited to their account in relevant fund on or before the due date
3	57(ii)	Rental income letting of plant, machinery, furniture or building	Rent, rates, taxes, repairs, insurance and depreciation etc.
4	57(iia)	Family Pension	1/3rd of family pension subject to maximum of Rs. 15,000.
5	57(iii)	Any other income	Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income
6	57 (iv)	Interest on compensation or enhanced compensation	50% of such interest (subject to certain conditions)
7	58(4)Proviso	Income from activity of owning and maintaining race horses.	All expenditure relating to such activity.