INCOME FROM OTHER SOURCES

Q.1. From the following Information given by Ms. Priyanka Chopra, Calculate her taxable Income from
other sources for previous year 2022 – 2023.
1. Dividend from Indian Company ₹ 8,000 [Dividend collection Charges ₹ 500].
2. Dividend from a Foreign Company ₹ 10,000. Bank Charges ₹ 1,000 as collection charges. Interest on
Loan borrowed for purchasing shares ₹ 500.
3. Winnings from Lotteries ₹ 5,000 [Lottery Tickets purchased ₹ 500]
4. Interest on Debentures ₹ 1,500 from Indian Company.
5. Income of a Minor Child ₹ 500.
6. Rent from Plant & Machinery ₹ 1,500 p.m. Expense incurred ₹ 1,000 for repairs ₹ 2,000
as depreciation and other expenses ₹ 500.
7. Gross Salary ₹ 5000 from A Ltd.
8. Agricultural Income from India ₹ 8,000.
9. Income Tax Refund [including interest ₹ 10,000] ₹ 25,000.

Q.2. Ms. Aliya Bhat requests you to Calculate Her income from Other Sources for the P.Y. 2022 –
2023. Details of Income & Expenses is as follows: -
1. Ms. Aliya Bhat retired from XYZ Ltd on 31 – 12 – 2022.
She received monthly pension of ₹ 2,000 after Her retirement from the Company.
2. She owns a House Property, which She has let out on hire to Ms. Katrina Kaif on a monthly rent of ₹
6,000. She also paid Municipal Taxes of ₹ 1,000.
3. Interest on Debentures of Indian Company ₹ 3,000.
4. Income of Minor son Master Dinu from acting in T.V. Advertisement ₹ 3,000.
5. Ms. Aliya Bhat is also a MLC in Maharashtra. Her Salary as MLC is ₹ 7,000 per month & she also
received a daily allowance of ₹ 3,000.
6. Refund of Share Application money ₹ 5,000.
7. Interest on Bonds issued by Bajaj Auto. Face value ₹ 10,000. Interest rate 10% per annum.

Q.3. Mr. Shahrukh Khan provides you the following information for the year ended on 31st March 2023.
1. Gross Salary ₹ 48,000 from Fast Food Pvt Ltd [Profession tax deducted from salary ₹ 600]
2. Income from units of Unit Trust of India ₹ 2,000.
3. Family Pension received on death of wife ₹ 60,000.
4. Interest on deposit with ₹ 2,200.
5. Interest on deposit with Hindustan Lever Ltd. ₹ 3,000.
6. Winning from Lottery ₹ 8,000 and expenses incurred to realize the Lottery prize of ₹ 200.
7. Refund of Share Application money ₹ 10,000.
8. Received ₹ 10,000 from L.I.C. on maturity of policy.
9. Interest on PPF account with State Bank of India ₹ 125.
10. Accrued Interest on NSC ₹ 1,400.
11. Interest on Gold Deposit Scheme 1999 ₹ 5,400.
12. Private Tuition Fees ₹ 5,000 [Conveyance Expense 20%]
You are required to Compute his Income Chargeable under the Head Income from Other Sources for the
Assessment year 2023 - 2024.
Q.4. Mr. Ae May Le Netaji is a Member of Parliament. During the previous year, he had the
following incomes:
1. As a member of parliament, he received a salary of ₹ 1,00,000 per month and daily allowance of
₹ 5,000 for attending various sessions.
2. He received dividend of ₹ 50,000 from a Co-operative society and ₹ 5,00,000 from ABC Ltd.
3. He has won ₹ 9,00,000 in Crossword Puzzle.
4. On 1st September, 2021 he purchased a plot of Land for constructing his house on account of
shortage of funds, he could not get this house constructed and hence let out the plot at ₹
15,000 per month since1st October, 2022.
5. He has let out Machinery & Furniture and also building to Mr. Wagle at a monthly rent of ₹ 60,000.
He spent ₹ 4,500 on the repairs of Machinery, Furniture & Building during the previous year.
Depreciation allowed in respect of these assets for the previous year was ₹ 18,000.
6. Gift from Girl Friend ₹ 51,000 and from wife ₹ 90,000 received on wedding anniversary on
21/12/2022.
Compute the Income from Other Sources of Mr. Ae May Le Netaji for P.Y. 2022 – 2023.

Q.5. Following are the particulars furnished by Mr. Ricky Ponting for the year ending on 31 st March,
2022. Compute the Income under the head ‘Income from Other Sources’ for the Assessment year
2023
- 2024.
1. Dividend on Preference Shares ₹ 5,000.
Collection charges in respect of dividends ₹
100.
2. Rent from Letting of a Building along with Plant, Machinery & Furniture fitted therein ₹
20,000. Depreciation on Building, Furniture etc. ₹ 6,000.
Insurance Premium paid in respect of the Building ₹ 1,000.
Office & Establishment expenses related to Building ₹ 2,000.
3. Fixed Deposit with Bajaj Finserv Ltd placed on 1st July 2014 for ₹ 2,00,000 carrying
simple interest @ 15% per annum.
4. Rent from sub – Letting a Flat ₹ 12,500. Rent paid to the land lord ₹ 2,500.
5. Dividend from Units of Unit Trust of India ₹ 2,500.
6. Amount received on Maturity of Life Policy ₹ 60,000.
7. Received Gold valued at ₹ 5,00,000 as a gift from his girlfriend.
8. Winnings [Net ₹ 70,000] after TDS of ₹ 30,000.
9. Interest on Post Office monthly income account ₹ 1,000.

Q.6. Ms. Katrina Kaif, a Technical Director of a reputed concern, gives you the following information for
the previous year ended March 31, 2022.
1. Interest on Fixed Deposits with Bank of India ₹ 36,000 Net [TDS 10%]
2. Agricultural Income ₹ 24,000.
3. Interest on Company Deposit ₹ 1,500.
4. Interest on Deposit in Post Office Saving Bank account ₹ 1,250.
5. Dividend received from Reliance Textiles Ltd ₹ 10,000.
6. Directors Board Meeting fees ₹ 200 per meeting. During the previous year Ms. Katrina Kaif
attended 5 meetings including annual general meeting.
7. Family pension received after the death of Mr. Kaif ₹ 2,500 per month.
8. Interest on Konkan Railway Corporation Bonds ₹ 2,000.
9. Income from units of SBI Mutual Fund ₹ 1,000.
10. Gift ₹ 1,00,000 received from a Charitable Trust.
You are required to Calculate her Income from Other Sources for A.Y. 2023 - 2024.
Q.7. Shri Vidhayak holds following Securities and Shares as on 01 – 04 – 2021:
₹ 40,000 7.5% Bihar Government Securities
₹ 85,000 12% Debentures of ABC Ltd.,
₹ 10,000 9% National Relief Bonds.
₹ 20,000 10.5% Konkan Railway Corporation Bonds.
₹ 15,000 10% Preference Shares in PQR Ltd.
Shri Vidhayak is a Member of Parliament. Salary & Daily Allowance from this source amounted to ₹ 36,000
& ₹ 10,500 respectively.
Following information is given regarding his Minor Children’ s Income.
First Son’s Income ₹ 5,600
Second Son’s Income ₹ 1,200
Daughter’s Income ₹ 25,600
[Received as First Prize in Singing Competition]
Rent from Subletting ₹ 35,000
Rent paid to Landlord ₹ 10,000
Calculate the Income from Other Sources for the A.Y. 2021 - 2022.