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 head Income From House Property.
Section 56(2): Incomes taxable under head Income From Other Source
The following incomes are taxable under Income From Other Source
- Dividend income
- Winning form lotteries, puzzles, card games etc.
- Any sum received from the employee toward contribution for any staff welfare fund like PF and ESI, if is not chargeable under the Profit or Gain arising from business or profession
- Interest on securities, if it is not chargeable under PGBP
- Rent from letting out of plant and machinery or furniture with or without building. If not chargeable under profit or gain arising from business or profession.
- Any sum received under keymen insurance policy if not chargeable under Profit or Gain arising from business or profession or Salaries.
- Interest received on compensation of compulsory acquisition of capital asset
- Income from Gift.
Other Income Except Above Incomes
- Amount received under the family pension.
- Interest on bank deposits and loan given.
- Interest on Income tax refund.
- Income from sub- letting of house property.
- Royalty income.
- Agriculture Income.
- Salary of MP/MLA/MLC etc also taxable under the head income from other sources.
