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FAQs on Income Tax VII – Income from Other Sources

Mr. C.S. Sudheer | Posted On Thursday, January 15,2009, 06:28 PM

FAQs on Income Tax VII – Income from Other Sources

 

 

1. What is meant by `Income from Other sources¿ under Income Tax Act, 1961?
Every type of income comes under a specified heads. But there are few incomes, which don't come under any of following heads:

  • Salary
  • House Property
  • Profit In Business/ Profession
  • Capital Gains

All such income is chargeable under Section 56(2) of Income Tax Act, 1961. There are following incomes which are taxed under this heads:

  • Dividend income, paid by a company to an assessee
  • Income from winning in lottery, crossword puzzles, races, card games, gambling or other such sports
  • Income by way of an amount received by assessee from his employer as a fund for welfare of employee
  • Interest income
  • Income by letting on hire machinery, plant, furniture, building or other goods Income coming from insurance policy

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