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IncomeTaxDepartment

Incomefromothersources
F.Incomefromothersources
Incomefromothersources.
9556.(1)IncomeofeverykindwhichisnottobeexcludedfromthetotalincomeunderthisActshall

be chargeable to incometax under the head Income from other sources, if it is not chargeable to
incometaxunderanyoftheheadsspecifiedinsection14,itemsAtoE.
(2) In particular, and without prejudice to the generality of the provisions of subsection (1), the
following incomes, shall be chargeable to incometax under the head Income from other sources,
namely:
(i)dividends
96[(ia)incomereferredtoinsubclause(viii)ofclause(24)ofsection2]
97[(ib)incomereferredtoinsubclause(ix)ofclause(24)ofsection2]
98[(ic) income referred to in subclause (x) of clause (24) of section 2, if such income is not

chargeabletoincometaxundertheheadProfitsandgainsofbusinessorprofession]
99[(id)incomebywayofinterestonsecurities,iftheincomeisnotchargeabletoincometaxunder

theheadProfitsandgainsofbusinessorprofession]
(ii) income from machinery, plant or furniture belonging to the assessee and let on hire, if the
income is not chargeable to incometax under the head Profits and gains of business or
profession
(iii)whereanassesseeletsonhiremachinery,plantorfurniturebelongingtohimandalsobuildings,
and the letting of the buildings is inseparable from the letting of the said machinery, plant or
furniture, the income from such letting, if it is not chargeable to incometax under the head
Profitsandgainsofbusinessorprofession
1[(iv) income referred to in subclause (xi) of clause (24) of section 2, if such income is not

chargeabletoincometaxundertheheadProfitsandgainsofbusinessorprofessionorunder
theheadSalaries]
2[(v)

where any sum of money exceeding twentyfive thousand rupees is received without
considerationbyanindividualoraHinduundividedfamilyfromanypersononorafterthe1st
dayofSeptember,20043[butbeforethe1stdayofApril,2006],thewholeofsuchsum:
Providedthatthisclauseshallnotapplytoanysumofmoneyreceived
(a)fromanyrelativeor
(b)ontheoccasionofthemarriageoftheindividualor
(c)underawillorbywayofinheritanceor
(d)incontemplationofdeathofthepayeror
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4[(e)fromanylocalauthorityasdefinedintheExplanationtoclause(20)ofsection10or

(f) from any fund or foundation or university or other educational institution or hospital or
othermedicalinstitutionoranytrustorinstitutionreferredtoinclause(23C)ofsection
10or
(g)fromanytrustorinstitutionregisteredundersection12AA.]
Explanation.Forthepurposesofthisclause,relativemeans
(i)spouseoftheindividual
(ii)brotherorsisteroftheindividual
(iii)brotherorsisterofthespouseoftheindividual
(iv)brotherorsisterofeitheroftheparentsoftheindividual
(v)anylinealascendantordescendantoftheindividual
(vi)anylinealascendantordescendantofthespouseoftheindividual
(vii)spouseofthepersonreferredtoinclauses(ii)to(vi)]
5[(vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is

received without consideration, by an individual or a Hindu undivided family, in any previous year
fromanypersonorpersonsonorafterthe1stdayofApril,2006 6[butbeforethe1stdayofOctober,
2009],thewholeoftheaggregatevalueofsuchsum:
Providedthatthisclauseshallnotapplytoanysumofmoneyreceived
(a)fromanyrelativeor
(b)ontheoccasionofthemarriageoftheindividual6aor
(c)underawillorbywayofinheritanceor
(d)incontemplationofdeathofthepayeror
(e)fromanylocalauthorityasdefinedintheExplanationtoclause(20)ofsection10or
(f) from any fund or foundation or university or other educational institution or hospital or
othermedicalinstitutionoranytrustorinstitutionreferredtoinclause(23C)ofsection
10or
(g)fromanytrustorinstitutionregisteredundersection12AA.
Explanation.Forthepurposesofthisclause,relativemeans
(ii)brotherorsisteroftheindividual
(iii)brotherorsisterofthespouseoftheindividual
(iv)brotherorsisterofeitheroftheparentsoftheindividual
(v)anylinealascendantordescendantoftheindividual
(vi)anylinealascendantordescendantofthespouseoftheindividual
(vii)spouseofthepersonreferredtoinclauses(ii)to(vi)]
7[(vii) where an individual or a Hindu undivided family receives, in any previous year, from any

personorpersonsonorafterthe1stdayofOctober,2009,
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty
thousandrupees,thewholeoftheaggregatevalueofsuchsum
8[(b)anyimmovableproperty,

(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the
stampdutyvalueofsuchproperty
(ii) for a consideration which is less than the stamp duty value of the property by an amount
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exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such
consideration:
Providedthatwherethedateoftheagreementfixingtheamountofconsiderationforthetransferof
immovablepropertyandthedateofregistrationarenotthesame,thestampdutyvalueonthe
dateoftheagreementmaybetakenforthepurposesofthissubclause:
Providedfurtherthatthesaidprovisoshallapplyonlyinacasewheretheamountofconsideration
referredtotherein,orapartthereof,hasbeenpaidbyanymodeotherthancashonorbefore
thedateoftheagreementforthetransferofsuchimmovableproperty]
(c)anyproperty,otherthanimmovableproperty,
(i) without consideration, the aggregate fair market value of which exceeds fifty thousand
rupees,thewholeoftheaggregatefairmarketvalueofsuchproperty
(ii)foraconsiderationwhichislessthantheaggregatefairmarketvalueofthepropertybyan
amountexceedingfiftythousandrupees,theaggregatefairmarketvalueofsuchproperty
asexceedssuchconsideration:
Providedthatwherethestampdutyvalueofimmovablepropertyasreferredtoinsubclause(b)is
disputedbytheassesseeongroundsmentionedinsubsection(2)ofsection50C,theAssessing
OfficermayreferthevaluationofsuchpropertytoaValuationOfficer,andtheprovisionsof
section50Candsubsection(15)ofsection155shall,asfarasmaybe,applyinrelationtothe
stampdutyvalueofsuchpropertyforthepurposeofsubclause(b)astheyapplyforvaluation
ofcapitalassetunderthosesections:
Providedfurtherthatthisclauseshallnotapplytoanysumofmoneyoranypropertyreceived
(a)fromanyrelativeor
(b)ontheoccasionofthemarriageoftheindividualor
(c)underawillorbywayofinheritanceor
(d)incontemplationofdeathofthepayerordonor,asthecasemaybeor
(e)fromanylocalauthorityasdefinedintheExplanationtoclause(20)ofsection10or
(f) from any fund or foundation or university or other educational institution or hospital or other
medicalinstitutionoranytrustorinstitutionreferredtoinclause(23C)ofsection10or
(g)fromanytrustorinstitutionregisteredundersection12AA.
Explanation.Forthepurposesofthisclause,
(a) assessable shall have the meaning assigned to it in the Explanation 2 to subsection (2) of
section50C
(b)fairmarketvalueofaproperty,otherthananimmovableproperty,meansthevaluedetermined
inaccordancewiththemethodasmaybeprescribed9
(c)jewelleryshallhavethemeaningassignedtoitintheExplanationtosubclause(ii)ofclause
(14)ofsection2
(d)property10[meansthefollowingcapitalassetoftheassessee,namely:]
(i)immovablepropertybeinglandorbuildingorboth
(ii)sharesandsecurities
(iii)jewellery
(iv)archaeologicalcollections
(v)drawings
(vi)paintings
(vii)sculptures11[***]
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(viii)anyworkofart12[or]
12[(ix)bullion]
13[(e)relativemeans,

(i)incaseofanindividual
(A)spouseoftheindividual
(B)brotherorsisteroftheindividual
(C)brotherorsisterofthespouseoftheindividual
(D)brotherorsisterofeitheroftheparentsoftheindividual
(E)anylinealascendantordescendantoftheindividual
(F)anylinealascendantordescendantofthespouseoftheindividual
(G)spouseofthepersonreferredtoinitems(B)to(F)and
(ii)incaseofaHinduundividedfamily,anymemberthereof]
(f) stamp duty value means the value adopted or assessed or assessable by any authority of the
CentralGovernmentoraStateGovernmentforthepurposeofpaymentofstampdutyinrespect
ofanimmovableproperty]
14[(viia) where a firm or a company not being a company in which the public are substantially

interested,receives,inanypreviousyear,fromanypersonorpersons,onorafterthe1stdayof
June,2010,anyproperty,beingsharesofacompanynotbeingacompanyinwhichthepublic
aresubstantiallyinterested,
(i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees,
thewholeoftheaggregatefairmarketvalueofsuchproperty
(ii) for a consideration which is less than the aggregate fair market value of the property by an
amount exceeding fifty thousand rupees, the aggregate fair market value of such property as
exceedssuchconsideration:
Providedthatthisclauseshallnotapplytoanysuchpropertyreceivedbywayofatransactionnot
regardedastransferunderclause(via)orclause(vic)orclause(vicb)orclause(vid)orclause
(vii)ofsection47.
Explanation.Forthepurposesofthisclause,fairmarketvalueofaproperty,beingsharesofa
company not being a company in which the public are substantially interested, shall have the
meaningassignedtoitintheExplanationtoclause(vii)]
15[(viib) where a company, not being a company in which the public are substantially interested,

receives,inanypreviousyear,fromanypersonbeingaresident,anyconsiderationforissueofshares
that exceeds the face value of such shares, the aggregate consideration received for such shares as
exceedsthefairmarketvalueoftheshares:
Providedthatthisclauseshallnotapplywheretheconsiderationforissueofsharesisreceived
(i)byaventurecapitalundertakingfromaventurecapitalcompanyoraventurecapitalfundor
(ii)byacompanyfromaclassorclassesofpersonsasmaybenotifiedbytheCentralGovernment
inthisbehalf.
Explanation.Forthepurposesofthisclause,
(a)thefairmarketvalueofthesharesshallbethevalue
(i)asmaybedeterminedinaccordancewithsuchmethodasmaybeprescribed16or
(ii)asmaybesubstantiatedbythecompanytothesatisfactionoftheAssessingOfficer,based
onthevalue,onthedateofissueofshares,ofitsassets,includingintangibleassetsbeing
goodwill, knowhow, patents, copyrights, trademarks, licences, franchises or any other
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businessorcommercialrightsofsimilarnature,
whicheverishigher
(b)venturecapitalcompany,venturecapitalfundandventurecapitalundertakingshallhave
the meanings respectively assigned to them in clause (a), clause (b) and clause (c) of
17[Explanation]toclause(23FB)ofsection10]
18[(viii)incomebywayofinterestreceivedoncompensationoronenhancedcompensationreferred

toinclause(b)ofsection145A.]
Thefollowingclause(ix)shallbeinsertedafterclause(viii)ofsubsection(2)ofsection56by
theFinance(No.2)Act,2014w.e.f.142015:
(ix)anysumofmoneyreceivedasanadvanceorotherwiseinthecourseofnegotiationsfortransfer
ofacapitalasset,if,
(a)suchsumisforfeitedand
(b)thenegotiationsdonotresultintransferofsuchcapitalasset.

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