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INCOME FROM OTHER SOURCES
SEC 56(2)(vii)
• Any sum of money, the aggregate value of which exceeds Rs.50,
000 received from any person without consideration by an
individual or Hindu Undivided Family on or after 01.04.2009.
• However, exemption is granted in respect of any sum of money
received –
• (a) From any relative; or
• (b) On the occasion of marriage of individual; or
• (c) Under a Will or by way of inheritance; or
• (d) In contemplation of death of the payer or
• (e) From a local authority; or
• (f) From any fund, foundation, university, other educational
institution, hospital,medical institution, any trust or institution
referred to in Section 10(23C); or
• (g) From charitable institutions registered u/s 12AA.
For the purposes of this
clause, Relative means
• (A) In case of an Individual-
• (i)spouse of the individual
• (ii)brother or sister of the individual
• (iii)brother or sister of the spouse of the individual
• (iv) brother or sister of either of the parents of the
individual
• (v)any lineal ascendant or descendant of the individual
• (vi) any lineal ascendant or descendant of the spouse of
the individual
• (vii)spouse of the person referred to in clauses (ii) to
(vi)
• (B) In case of Hindu Undivided family
(HUF),any member thereof.
SEC 56(2)(vii)-IFOS
ASSET GIFTED MODE TAXABILITY
Money Without
Consideration
If aggregate value of money
exceeds Rs.50,000 the whole of
the aggregate value of such
money.
Immovable Property
being Land or
building
Without
Consideration
Stamp duty value of property if it
exceeds Rs.50,000
Property being- With Consideration
(If FMV of the
property exceeds by
Rs.50,000 from the
sale price)
Value of Gift=FMV-Sale price
Shares & Securities
Jewellery
Archaeological
collections
Drawings
Paintings Without consideration Fair Market value of the
property if it exceeds
Rs.50,000
Sculptures
Any work of art
Bullion
SEC 56(2)(viib)
• Where a closely held company
• Receives
• In any previous year
• From any person , being a resident
• Any consideration for issue of shares
• That exceeds the Face value of such shares
• Then
• Aggregate consideration received for such shares-
Fair Market value of the shares
• Shall be income from other sources in the hands
of the company.
Exceptions
• This clause shall not apply where the
consideration for the issue of shares is
received-
• By a venture capital undertaking from a
venture capital fund or
• By a company or a class or classes of persons
as notified by the Central Government.
DIVIDEND
• SEC 10(34)-Dividend referred to in Section
115-0 is exempt in the hands of shareholders.
• In Sec 115-0 Dividend includes deemed
dividend under Sec 2(22)(a),2(22)(b),2(22)(c
),2(22)(d).But does not include dividend under
Section 2(22)(e).
• NOTE-Dividend received from an Indian
Company is Exempt in the hands of
shareholders.
Distribution of accumulated profits in the form of
debentures, debentures stock etc. {Sec. 2(22)(b)}
• As per sec. 2(22)(b), any distribution to its
shareholder by a company of ---
• i. debentures, debenture-stock or deposit-
certificates with or without interest to
• its (equity as well as preference shareholder);
• ii. bonus share to preference shareholder;
• is deemed dividend.
Distribution of Assets in the event of Liquidation {Sec. 2(22)(c)}
• Dividend includes any distribution made to its
shareholders of a company on its Liquidation
to the extent to which such distribution is
attributable to the accumulated profits of the
company immediately before its liquidation
,whether capitalized or not.
Reduction of Share Capital {Sec. 2(22)(d)}
• DIVIDEND includes any distribution to its
shareholders by a company on reduction of its
capital to the extent to which company
possesses accumulated profits,whether
capitalised or not.
WINNINGS FROM LOTTERIES,CROSSWORD
PUZZLE,RACES AND CARD GAMES
• As per sec 56(2)(ib) any winnings from lotteries,
crosswords puzzles, races including horse races,
card games and other games of any sort or from
gambling or betting of any form or nature
whatsoever is taxable under the head ‘Income
from Other sources’.
• Winnings are taxable at the flat rate of 30% in
case of all the assessee as per sec. 115-BB.
• TDS shall be deducted @ 30% if the amount of
winning exceeds Rs. 5,000 in case of winnings
from horse race while Rs 10,000 in case of other.
No deduction can be claimed from such income even if such expenditure is
incurred exclusively & wholly for earning such income.
INTEREST ON SECURITIES
“Interest on securities” means: i. Interest on any security of the Central / State
Govt.;
ii. Interest on debentures or other securities for money issued by or on behalf of a
local authority or a company or a corporation established by Central, State or
Provincial Act.

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Income from other sources

  • 2. SEC 56(2)(vii) • Any sum of money, the aggregate value of which exceeds Rs.50, 000 received from any person without consideration by an individual or Hindu Undivided Family on or after 01.04.2009. • However, exemption is granted in respect of any sum of money received – • (a) From any relative; or • (b) On the occasion of marriage of individual; or • (c) Under a Will or by way of inheritance; or • (d) In contemplation of death of the payer or • (e) From a local authority; or • (f) From any fund, foundation, university, other educational institution, hospital,medical institution, any trust or institution referred to in Section 10(23C); or • (g) From charitable institutions registered u/s 12AA.
  • 3. For the purposes of this clause, Relative means • (A) In case of an Individual- • (i)spouse of the individual • (ii)brother or sister of the individual • (iii)brother or sister of the spouse of the individual • (iv) brother or sister of either of the parents of the individual • (v)any lineal ascendant or descendant of the individual • (vi) any lineal ascendant or descendant of the spouse of the individual • (vii)spouse of the person referred to in clauses (ii) to (vi)
  • 4. • (B) In case of Hindu Undivided family (HUF),any member thereof.
  • 5. SEC 56(2)(vii)-IFOS ASSET GIFTED MODE TAXABILITY Money Without Consideration If aggregate value of money exceeds Rs.50,000 the whole of the aggregate value of such money. Immovable Property being Land or building Without Consideration Stamp duty value of property if it exceeds Rs.50,000 Property being- With Consideration (If FMV of the property exceeds by Rs.50,000 from the sale price) Value of Gift=FMV-Sale price Shares & Securities Jewellery Archaeological collections Drawings
  • 6. Paintings Without consideration Fair Market value of the property if it exceeds Rs.50,000 Sculptures Any work of art Bullion
  • 7. SEC 56(2)(viib) • Where a closely held company • Receives • In any previous year • From any person , being a resident • Any consideration for issue of shares • That exceeds the Face value of such shares • Then • Aggregate consideration received for such shares- Fair Market value of the shares • Shall be income from other sources in the hands of the company.
  • 8. Exceptions • This clause shall not apply where the consideration for the issue of shares is received- • By a venture capital undertaking from a venture capital fund or • By a company or a class or classes of persons as notified by the Central Government.
  • 9. DIVIDEND • SEC 10(34)-Dividend referred to in Section 115-0 is exempt in the hands of shareholders. • In Sec 115-0 Dividend includes deemed dividend under Sec 2(22)(a),2(22)(b),2(22)(c ),2(22)(d).But does not include dividend under Section 2(22)(e). • NOTE-Dividend received from an Indian Company is Exempt in the hands of shareholders.
  • 10. Distribution of accumulated profits in the form of debentures, debentures stock etc. {Sec. 2(22)(b)} • As per sec. 2(22)(b), any distribution to its shareholder by a company of --- • i. debentures, debenture-stock or deposit- certificates with or without interest to • its (equity as well as preference shareholder); • ii. bonus share to preference shareholder; • is deemed dividend.
  • 11. Distribution of Assets in the event of Liquidation {Sec. 2(22)(c)} • Dividend includes any distribution made to its shareholders of a company on its Liquidation to the extent to which such distribution is attributable to the accumulated profits of the company immediately before its liquidation ,whether capitalized or not.
  • 12. Reduction of Share Capital {Sec. 2(22)(d)} • DIVIDEND includes any distribution to its shareholders by a company on reduction of its capital to the extent to which company possesses accumulated profits,whether capitalised or not.
  • 13. WINNINGS FROM LOTTERIES,CROSSWORD PUZZLE,RACES AND CARD GAMES • As per sec 56(2)(ib) any winnings from lotteries, crosswords puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever is taxable under the head ‘Income from Other sources’. • Winnings are taxable at the flat rate of 30% in case of all the assessee as per sec. 115-BB. • TDS shall be deducted @ 30% if the amount of winning exceeds Rs. 5,000 in case of winnings from horse race while Rs 10,000 in case of other.
  • 14. No deduction can be claimed from such income even if such expenditure is incurred exclusively & wholly for earning such income. INTEREST ON SECURITIES “Interest on securities” means: i. Interest on any security of the Central / State Govt.; ii. Interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by Central, State or Provincial Act.