Advanced Tax laws And Practice – Income Under Head Other Sources
Income Under Head Other Sources (IFOS)
Income from Other Sources is one of the 5 heads of income chargeable to tax under the Income-tax Act 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. All the incomes excluded from salary, capital gains, house property or business & profession (PGBP) are included in IFOS, except those which are exempt under the Income Tax Act.
- Dividend Income other than the dividend referred under section 10(34).
- Income earned from winning lotteries, crossword puzzles, races (including horse race), gambling or betting of any kind, even if the assessee claims to earn such income from the trade of such activities.
- Money or movable/immovable property received without consideration or inadequate consideration during the previous
- Interest on compensation or enhanced compensation received.
- Money received in Cash or in kind.
a)any sum of money received without consideration and the aggregate value of which exceeds Rs. 50,000 then the whole of the aggregate value of such sum shall be chargeable to tax under this head.
b) (i) any immovable property received without consideration, the stamp duty value of which exceeds Rs. 50,000, the stamp duty value of such property shall be taxable under income from other sources.
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