Income from Other Sources

Shankar Bose, IIT

MSTU, Puri

Income from Other Sources

Family Pension

Gift

Other Incomes

Section 94(7)

1/3-rd of the gross family pension

or Rs. 15,000/- whichever is less,

is deductible u/s 57(iia).

Any money received by individual or HUF between 01-09-04 and 31-03-06

Exceeds Rs. 25,000/-

Without any consideration.

The whole of such sum will be taxable as income from other sources.

Exceptions

From any relative.

On the occasion of marriage of the

individual.

Under a will by way of inheritance.

In contemplation of death of the donor.

Local Authority (expl. to sec. 10(20).

Fund, Foundation, University, Educational

Institution, Hospital, Institutionu/s10(23C).

Any trust,institution registered u/s 12AA.

Any money received individual or HUF between 01-04-2006 and 30-09-2009.

Aggregate value exceeds Rs. 50,000/-

Without any consideration

The aggregate amount of all such sums will be taxable as income from Other Sources.

By F.A. 2009 w.e.f. 01.10.2009.

Any immovable property where the stamp

duty value exceeds Rs50,000/ then such

stamp duty value. or

for a consideration less than stamp duty

value by Rs 50,000/,then the difference

between the stamp duty value and such

consideration.

Sec 50C(2) applicable for remedy.

Any other property, if the aggregate FMV

exceeds Rs 50,000/ then whole of such

aggregate FMV. Or

for a consideration less than the aggregate

FMV by Rs 50,000/ then difference between

aggregate FMV and such consideration.

Relative has been defined as :

1. Spouse of individual

2. Brother and sister of individual

3. Brother and sister of spouse

4. Brother and sister of any parent

5. Linear ascendant/descendant of the individual.

6. Linear ascendant or descendant of the spouse

7.Spouse of the persons referred in (1)&(2).

Tax on winning from lotteries , crossword

puzzles, races including horse races, card

games and other games of any sort or

gambling or betting of any form is to be

taxed @ 30% Sec.115BB.

If any person buys any security or unit within a period of 3 months prior to the record

date.

Sells such security within a period of 3 months or such unit within a period of 9 months after the record date,

Income from dividend is exempt.

Loss would be reduced by the amount of dividend. so received by the person.

THANK YOU