Showing posts with label Income from Other Sources. Show all posts
Showing posts with label Income from Other Sources. Show all posts

Wednesday, 5 July 2017

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.SectionNature of IncomeDeductions allowed
157(i)Dividend or Interest on securitiesAny reasonable sum paid by way of commission or remuneration to banker or any other person for purpose of realizing dividend  or interest on securities

Gifts not chargeable to tax [Sec. 56(2)(vii)]


Any sum of money or property received by any person [on or after 01-04-2017] in the following circumstances shall not be chargeable to tax:
a) Gifts received from relatives;

Income Chargable under Income from Other Sources


Income From Other Sources
Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.