Category: Income From Other Sources

Fair Market value for section 56(2)(x) and 50CA Valuation of Jewellery: Open market value on valuation date Invoice value as on valuation date, provide purchased from registered dealer. Valuation report from registered…

Example Mr Santosh acquired a house property on 16/07/2020 for Rs: 40,00,000. He entered into an agreement to sell on 14/02/2021 with Mr. Naveen for Rs: 70,00,000 and Stamp Duty Value on…

Section 58: Expenses not allowed as deduction under Income From Other Sources: Any personal expenses of the assessee not allowed as deduction. Any interest chargeable under this Act which is payable outside…

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…

Example Mr Santosh acquired a house property for Rs 3,00,000 during previous year 2001-02.He gifted such property to his friend Chitti Naidu on 16-07-2021 (Stamp Duty value on date of gifting Rs:…

Taxation of Gift An gift received by employee form employer due to employee and employer relationship always taxable under income from Salary. Any gift/benefit/ perquisites arising due to business or profession is…

Section 56(1) – Charging Section Any Income which not taxable under Salary, Income From House Property, Profit or Gain arising form business or profession or capital gain shall be taxable under the…