Other Sources
Calculation of Income under the Head ‘Income from Other Sources’ Under Section 56 top 59.
[Section 56(2)]: Incomes included under ‘Income from Other Sources’
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, Section 56(2) enlists certain specific...
[Section 56(2)(ib)]: Taxability on Winnings from Lotteries, Crossword Puzzles, Horse Races and Card Games
As per Section 56(2)(ib), any winnings from: (i) lotteries, (ii) crossword puzzles, (iii) races including horse races, (iv) card games...
[Section 56(2)(id)]: Interest on Securities Taxable under Income from Other Sources
As per Section 56(2)(id), Income, by way of interest on securities, is chargeable under the head “income from other sources”,...
[Section 56(2)(ii)]: Taxability of Income from Letting Out of Machinery, Plant or Furniture
As per Section 56(2)(ii), income from machinery, plant or furniture, belonging to the assessee and let on hire, is chargeable...
[Section 56(2)(x)] : Taxability of Gift of Money and Property under Income from Other Sources
As per Section 56(2)(x), the following income due to Gift of Money and Property shall be chargeable to income-tax under...
[Section 58]: Amounts Not Deductible in computing the income under the head ‘Income from Other Sources’
As per Section 58, the following payments shall not be deductible in computing the income chargeable under the head ‘Income...
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