Income from Other Sources

What if you have income from a source that does not quite fall within predefined heads of Salary, House property, capital gains or business income?

That income finds its place under a different head called Income from other sources.

It includes Dividends from foreign companies. Interest from Fixed Deposits and Savings Bank Account.Interest from Government securities.Income from renting of machinery, plant and furniture. Income from winning of lotteries, contests, horse racing, betting or any sort of gambling attracts tax at a flat tax of 30%. If you receive any sum of money exceeding Rs. 50,000/- from any person without any specific reason, it will attract tax. However if you receive any money or property from a relative as a gift either generally or on your wedding, or by way of will or inheritance, it will be completely exempt from tax.

If tax has been deducted at source for these incomes, it will be considered when your tax liability is being computed.

Also Read:-Gift Tax Act And Why Gifts Are Taxed!

Also Read:-Gift Tax Act And Why Gifts Are Taxed!

Also Read:-Everything You Need to Know about Capital Gains Tax in India