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 Income from Other Sources Under Income Tax Act, 1961

1. Meaning of "Income from Other Sources"

• Income from Other Sources is a residual category under Section 56 of the Income Tax Act, 1961.
• It includes all incomes that are not taxable under Salary, House Property, Business & Profession, or Capital Gains.

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2. Types of Incomes Included Under "Income from Other Sources" (Section 56(2))

A. Dividend Income

• Dividends from Indian companies (taxable in the hands of the recipient if exceeding ₹10 lakh under Section 115BBDA).
• Dividends from foreign companies (fully taxable).

B. Interest Income

• Interest from fixed deposits (FDs).
• Interest from savings bank accounts (exempt up to ₹10,000 under Section 80TTA).
• Interest on bonds, debentures, and loans given to others.

C. Gifts (Cash and Property)

• Gifts received from non-relatives above ₹50,000 in a financial year are taxable (Section 56(2)(x)).
• Gifts received on marriage, inheritance, or from specified relatives are exempt.

D. Rental Income from Machinery, Plant, or Furniture

• If an individual earns rent from machinery, furniture, or equipment, it is taxable under this head.

E. Income from Winnings (Lotteries, Horse Races, Games, etc.)

• Winnings from lottery, gambling, horse races, crossword puzzles, and betting are taxable at a flat rate of 30% under Section 115BB.

F. Pension Received by Legal Heirs

• Family pension received by legal heirs after the death of the pensioner is taxable under this head.

G. Income from Subletting

• If a tenant sublets a rented property, the rent received is taxed under this head.

H. Remuneration Received for Examining Answer Scripts or Delivering Lectures

• Income earned from honorariums, consultancy, or professional engagements is taxable here.

I. Interest on Income Tax Refund

• Any interest received on a tax refund from the Income Tax Department is taxable under this head.

J. Any Other Residual Income

• Any other income that does not fall under other heads of income is taxed here.

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3. Deductions Allowed Under Income from Other Sources (Section 57)

Certain expenses related to earning income from other sources can be deducted:

A. Deduction for Family Pension

• Family pension deduction: 33⅓% of pension or ₹15,000 (whichever is lower) is allowed as a deduction.

B. Deduction for Commission or Collection Charges

• Commission or charges paid for collecting interest, dividends, or other income are deductible.

C. Deduction for Depreciation on Rent from Machinery, Furniture, or Plant

• If a person earns rent from machinery, furniture, or plant, they can claim depreciation and maintenance expenses.

D. Deduction for Interest Paid on Loan Taken to Earn Income

• If a loan is taken to invest in deposits, bonds, or securities, the interest paid on the loan is deductible.

E. Deduction for Standard Expenses on Royalty Income

• In case of books, literary works, artistic works, or music, 30% of the royalty income is allowed as a deduction.

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4. Expenses NOT Allowed as Deduction (Section 58)

Certain expenses are not deductible, such as:

❌ Personal expenses.

❌ Interest or penalties for non-payment of taxes.

❌ Gambling, lottery, or illegal business expenses.

❌ Wealth tax payments.

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5. Conclusion

• Income from Other Sources covers miscellaneous income that is not classified under other heads.
• Deductions under Section 57 are allowed to reduce taxable income, but personal and speculative expenses are not deductible.