ncome of every kind which is not to be excluded from the total income under this Act, shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income-tax under any of the heads specified in section 13(a) to (d). (2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes shall be chargeable to income-tax under the head “Income from other sources”:–– (a) any dividend; (b) any winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature; (c) any sum received by the assessee from employees as contributions to any provident fund, superannuation fund, any fund set up under the Employees’ State Insurance Act, 1948, or any other fund for the welfare of such employees, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”; (d) any sum received under a Keyman insurance policy, as defined in Schedule II (Note 1) including the bonus allocated on such policy, if such income is not chargeable to income-tax under the head “Profits and gains of business or profession” or under the head “Salaries”; (e) any income by way of interest on securities, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”; (f) any income from machinery, plant or furniture belonging to the assessee and let on hire, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”; (g) any income from letting on hire of machinery, plant or furniture, belonging to the assessee and also buildings, where the letting of the buildings is inseparable from the letting of such machinery, plant or furniture, if the income is not chargeable to income-tax under the head “Profits and gains of business or profession”; (h) any sum of money received as an advance or otherwise during negotiations for the transfer of a capital asset, if–– (i) such sum is forfeited; and (ii) the negotiations do not result in transfer of such capital asset; (i) any income by way of interest received on compensation or on
enhanced compensation referred to in section 278(1); (j) any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment, or the modification of its terms and conditions; (k) any specified sum received by a unit holder from a business trust during the tax year with respect to a unit held by him at any time during such tax year, the computation of which shall be–– specified sum = A-B-C (which shall be deemed to be zero, if the sum of B and C is greater than A), where— A = aggregate of the sum distributed by the business trust with respect to such unit, during the tax year or during any earlier tax year or years, to such unit holder, who holds such unit on the date of distribution of sum or to any other unit holder who held such unit at any time prior to the date of such distribution, which is— (a) not in the nature of income referred to in Schedule V (Table: Sl. No. 3 or 4); and (b) not chargeable to tax under section 223(2); B = amount at which such unit was issued by the business trust; and C = amount charged to tax under this clause in any earlier tax year; (l) where any sum, including bonus allocated, is received, during a tax year, under a life insurance policy, other than— (a) sums received under a unit linked insurance policy; or (b) income referred to in clause (d), and such sum is not to be excluded from the total income of that tax year under Schedule II (Table: Sl. No. 2), the sum exceeding the aggregate of the premium paid, during the term of such life insurance policy, and not claimed as a deduction under this Act, computed in such manner, as may be prescribed; (m) where any person receives in any tax year, from any person or persons–– (i) any sum of money without consideration, the total of which exceeds ₹ 50000, the whole of such sum; (ii) any immovable property— (A) without consideration, the stamp duty value of which exceeds ₹ 50000, the stamp duty value of such property; (B) for a consideration, the stamp duty value of such property that exceeds such consideration, if this excess amount is more than the higher of the following amounts:—
CH. IV F.- INCOME FROM OTHER SOURCES [Sec 92-95] (I) ₹ 50000; or (II) 10% of the consideration; (iii) any property, other than immovable property,— (A) without consideration, the aggregate fair market value of which exceeds ₹ 50000, the whole of the aggregate fair market value of such property; (B) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding ₹ 50000, the aggregate fair market value of such property as exceeds such consideration.