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    Incomefromothersource Bose 130128051842 Phpapp01

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    Prâtèék Shâh
    The document discusses various types of income that fall under the category of "income from other sources" according to Indian tax law. It outlines that family pensions are partially deductible, gifts over certain amounts are taxable, winnings from lotteries and gambling are taxed at 30%, and dividends received within 9 months of the record date will reduce any capital losses realized. Exceptions to the gift tax rules include gifts from relatives and those received through inheritance.

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    Incomefromothersource Bose 130128051842 Phpapp01

    Uploaded by

    Prâtèék Shâh
    10 views3 pages
    The document discusses various types of income that fall under the category of "income from other sources" according to Indian tax law. It outlines that family pensions are partially deductible, gifts over certain amounts are taxable, winnings from lotteries and gambling are taxed at 30%, and dividends received within 9 months of the record date will reduce any capital losses realized. Exceptions to the gift tax rules include gifts from relatives and those received through inheritance.

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    income tax

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    The document discusses various types of income that fall under the category of "income from other sources" according to Indian tax law. It outlines that family pensions are partially deductible, gifts over certain amounts are taxable, winnings from lotteries and gambling are taxed at 30%, and dividends received within 9 months of the record date will reduce any capital losses realized. Exceptions to the gift tax rules include gifts from relatives and those received through inheritance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views3 pages

    Incomefromothersource Bose 130128051842 Phpapp01

    Uploaded by

    Prâtèék Shâh
    The document discusses various types of income that fall under the category of "income from other sources" according to Indian tax law. It outlines that family pensions are partially deductible, gifts over certain amounts are taxable, winnings from lotteries and gambling are taxed at 30%, and dividends received within 9 months of the record date will reduce any capital losses realized. Exceptions to the gift tax rules include gifts from relatives and those received through inheritance.

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    Income from Other Sources

    By

    Shankar Bose Inspector of Income-tax MSTU, Puri

    Income from Other Sources Family Pension Gift Other Incomes Section 94(7) Family Pension 1/3-rd of the gross family pension or Rs. 15,000/- whichever is less, is deductible u/s 57(iia). Gift 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. Gift 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. Gift Local Authority (expl. to sec. 10(20). Fund, Foundation, University, Educational Institution, Hospital, Institutionu/s10(23C). Any trust,institution registered u/s 12AA. Gift 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. Gift 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. Gift 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. Gift

    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 Gift 5. Linear ascendant/descendant of the individual. 6. Linear ascendant or descendant of the spouse 7.Spouse of the persons referred in (1)&(2). Special Rates of Tax 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. Section 94(7) 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

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