Section 57: Important deductions allowed under the head Income From Other Sources:
- If any loan taken for investment of shares or mutual funds then only interest expenses allowed as deduction subject to maximum 20% of such dividend or income from mutual fund or unit trust of India.
- In case of interest on securities, any reasonable sum paid by way of realising such interest on behalf of the assessee.
- In case of employee contribution towards any welfare fund, amount remitted before due date under respective Acts.
- In the case of any rental income from machinery, Plant or furniture, then any amount spent as current repairs and insurance and normal depreciation allowance on such plant and machinery and furniture allowed as deduction.
- In case of family pension deduction shall be allowed 1/3rd of family pension or Rs:15,000 per annum which is ever is lower.
- In case of interest on compensation of compulsory acquisition, amount equals to 50% of such income shall be allowed as deduction and no deduction shall be allowed under other clause of this section.
Note
- The family pension received by the widow or children or nominated heirs, of a member of the armed forces( including para-military forces) of the union where the death of such member of the armed forces of the union where the death or such member has occurred in the course of operational duties, in specifies circumstances would, however be exempt u/s 10(19).
- The family pension received by any member of the family of an individual who has been in the services of central or state government and had been awarded “param Vir Charkra” or “vir Chakra” or other notified gallantry awards would be exempted u/s 10(18)(ii).
