INCOME FROM OTHER SOURCES idend Income «Casual Income (winnings from lotteries, crossword puzzles, races including horse races, card games and other games, gambling, betting etc.) «Consideration received in excess of FMV of shares of a closely held company, where such shares are issued at a premium «Interest received on compensation/ enhanced compensation deemed to be income in the ‘year of receipt +Advance forfeited due to failure of negotiations for transfer ofa capital asset «Sum of money or property received by any person «Specified sum received by a unit holder from a business trust during the previous year «Sum received, including the amount allocated by way of bonus, under a LIP other than under a ULIP and keyman insurance policy, which is not exempt under section 10(10D) «Interest on securities Any income chargeable to tax under the Act, but not falling under any other head of income CONSIDERATION RECEIVED IN EXCESS OF FMV OF SHARES OF A Ce Ra OAR ae Oe Ue Ua) [ait LIEYC YL Ke © Meonsiderationis recelved bya company, other than a company in © which public are substantially interested 7 from any person for issue of shaves at premium ¥ > ©MOF MONEY OR PROPERTY RECEIVED BY ANY PERSON [SECTION 56(2)(x)] 1 Money ‘The whole amount if the same exceeds € 50,000. 2 | Movable () Without consideration: property The aggregate fair market value of the property, ifit exceeds & 50,000. (ii) Inadequate consideration: The difference between the aggregate fair market value and the consideration, if such difference exceeds € 50,000, 3 | Immovable (Without consideration: property The stamp value of the property, ifit exceeds € 50,000, (ji) Inadequate consideration: The difference between the stamp duty value and the consideration, difference is more than the higher of € 50,000 and 10% of consideration. However, any sum of money or value of property received in the Following circumstances would be outside the ambit of section 56(2(x) @ from any relative; or such, (ii). on the occasion of the marriage of the individual: or (ii) under a will or by way of inheritance: or (iv) in contemplation of death of the payer or donor, as the case may be; or () from any local authority as defined in the Explanation to section 10(20); or (vi) from any fund or foundation or university or other educational institution or hospital or other ‘medical institution or any trast or institution referred to in section 10(23C); or (vii) from or by any trust or institution registered under section 12A or section 12AA or section 12AB; or However, where sum of money or property has been received by specified persons under section 413(3), this relaxation is not available and section 56(2)(x) would be applicable. (vitiJby any fand or trust or institution or any university or other educational institation or any hospital or other medical institution referred to in Section 10(23C)(v)/(v)/ (vi) via); or (ix) by way of transaction not regarded as transfer under specitied clauses of section 47; or (4) from an individual by a trust created or established solely for the benefit of relative of the individual: or (xi) by an individual, from any person, in respect of any expenditure actually incurred by him on his ‘medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to conditions notified by the Central Government: or (xili) bya member of the family of a deceased person from the employer of the deceased person (without any limit); or from any other person or persons to the extent that such sum or aggregate of such sums < 10 lakhs, where the cause of death of such person is illness related to COVID-19 and the payment is received within 12 months from the date of death of such person; and subject to such other conditions notified by the Central Government; or (xiii) from such class of persons and subject to such conditions, as may be prescribed.Taos) Mee UD eRe SA A LN UNDER A LIFE INSURANCE POLICY (LIP) OTHER THAN UNDER A ULIP AND COONEY aie AML eA G I= eR))TAXATION OF CERTAIN INCOMES enone Cee Caos Peta ory er Pee Rey cd Poa ect oem rtd prone ced game) 1ISBB Unexplained cash eee EOC a rn Peclekica Caen ‘Net winnings from Cincrcitey LISBBE 115BB} Taxrate | 30% of such winnings (further increased by applicable, and health and education cess@4%) surcharge, if {60% of such income plus surcharge @25% of tax (Effective rate of tax is 78%, including health and education cess@4%) 30% of net winnings from online game (further increased by surcharge, if applicable, and health and education cess@4%) ¥ Deduction under Chapter VI- income. > No expenditure or allowance can be allowed from such income. > Adjustment of unexhausted basic exemption limit is also not permitted against such -A is not allowable from such income. > Set-off of losses is not permissible against such income. PERI en a In case of dividend or income in respect | Interest expenditure to earn such income. ‘of units of mutual fund or income in| However, such interest expenses cannot exceed 20% of respect of units from a specified such income included in total income, without company deduction under this section, In case of interest on securities ‘Any reasonable sum paid by way of commission or ‘remuneration to a banker or any other person. 3. | Income consists of recovery from ‘Amount of contribution remitted before the due date employees as contribution toany PF, | under the respective Acts, in accordance with the superannuation fund ete. provisions of section 36(1)(va). 4, | Income from letting on hire of, Current repairs to the machinery, plant, furniture or ‘machinery, plant and furniture, with or | building, insurance premium, depreciation/ unabsorbed without building depreciation. 5. | Family Pension ‘Sum equal to = 33 %4% of such income or = 215,000, whichever is lessPEIN eae ‘Any personal expense of the assessee. Any expenditure in respect of which a payment or aggregate payments exceeding & 10,000 is made toa person in a day otherwise than by account payee cheque or draft or ECS through bank account ‘or through such other prescribed electronic mode such as credit card, debit card, net banking, IMPS, UPI, RTGS, NEFT and BHIM Aadhar pay. 5. | 30% of expenditure in respect of sum which is payable to a resident on which tax is deductible at source, if such tax has not been deducted or after deduction has not been paid on or before the due date of return specified in section 139(1). 6 | Expenditure incurred in connection with casual income.