Family pension, gifts, and other income sources are taxed under section 94(7) as income from other sources. Gifts received between 2004-2006 of over Rs. 25,000 without consideration are fully taxable. Between 2006-2009, the threshold was Rs. 50,000. Exceptions include gifts from relatives, on occasions like marriage. Income from winning lotteries or bets is taxed at 30%. Dividend income is exempt if related security is sold within 3 months of record date.

1. Income from Other Sources
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MST

2. Income from Other Sources
 Family Pension
 Gift
 Other Incomes
 Section 94(7)

3. 1/3-rd of the gross family pension
or Rs. 15,000/- whichever is less,
is deductible u/s 57(iia).

4. Any money received by individual or
HUF between 01-09-04 and 31-03-06
 Exceeds Rs. 25,000/-
 Without any consideration.
 The whole of such sum will be taxable
as income from other sources.

5. Exceptions
 From any relative.
 On the occasion of marriage of the
individual.
 Under a will by way of inheritance.
 In contemplation of death of the donor.

6.  Local Authority (expl. to sec. 10(20).
 Fund, Foundation, University, Educational
Institution, Hospital, Institutionu/s10(23C).
 Any trust,institution registered u/s 12AA.

7.  Any money received individual or HUF
between 01-04-2006 and 30-09-2009.
 Aggregate value exceeds Rs. 50,000/-
 Without any consideration
 The aggregate amount of all such
sums will be taxable as income from
Other Sources.

8. By F.A. 2009 w.e.f. 01.10.2009.
Any immovable property where the stamp
duty value exceeds Rs50,000/ then such
stamp duty value. or
for a consideration less than stamp duty
value by Rs 50,000/,then the difference
between the stamp duty value and such
consideration.
Sec 50C(2) applicable for remedy.

9. Any other property, if the aggregate FMV
exceeds Rs 50,000/ then whole of such
aggregate FMV. Or
for a consideration less than the aggregate
FMV by Rs 50,000/ then difference between
aggregate FMV and such consideration.

10.  Relative has been defined as :
1. Spouse of individual
2. Brother and sister of individual
3. Brother and sister of spouse
4. Brother and sister of any parent

11. 5. Linear ascendant/descendant of the individual.
6. Linear ascendant or descendant of the spouse
7.Spouse of the persons referred in (1)&(2).

12. Tax on winning from lotteries , crossword
puzzles, races including horse races, card
games and other games of any sort or
gambling or betting of any form is to be
taxed @ 30% Sec.115BB.

13.  If any person buys any security or unit within
a period of 3 months prior to the record date.
 Sells such security within a period of 3
months or such unit within a period of 9
months after the record date,
 Income from dividend is exempt.
 Loss would be reduced by the amount of
dividend. so received by the person.

14. THANK YOU