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2/10/2015 Income Tax Department http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 1/5 Income from other sources F.—Income from other sources Income from other sources. 95 56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to incometax under the head “Income from other sources”, if it is not chargeable to incometax under any of the heads specified in section 14 , items A to E. (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) income referred to in subclause (viii) of clause (24) of section 2 ;] 97 [(ib) income referred to in subclause (ix) of clause (24) of section 2 ;] 98 [(ic) income referred to in subclause (x) of clause (24) of section 2 , if such income is not chargeable to incometax under the head “Profits and gains of business or profession” ;] 99 [(id) income by way of interest on securities, if the income is not chargeable to incometax under the head “Profits and gains of business or profession” ;] (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) where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings, 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 “Profits and gains of business or profession” ; 1 [(iv) income referred to in subclause (xi) of clause (24) of section 2 , if such income is not chargeable to incometax under the head “Profits and gains of business or profession” or under the head “Salaries” ;] 2 [(v) where any sum of money exceeding twentyfive thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004 3 [but before the 1st day of April, 2006], the whole of such sum : Provided that this clause shall not apply to any sum of money received— (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer; or

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  • 2/10/2015 IncomeTaxDepartment

    http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 1/5

    Incomefromothersources

    F.IncomefromothersourcesIncomefromothersources.9556.(1)IncomeofeverykindwhichisnottobeexcludedfromthetotalincomeunderthisActshallbechargeable to incometaxunder theheadIncome fromother sources, if it isnotchargeable toincometaxunderanyoftheheadsspecifiedinsection14,itemsAtoE.(2) In particular, and without prejudice to the generality of the provisions of subsection (1), thefollowing incomes, shallbechargeable to incometaxunder theheadIncomefromothersources,namely:(i)dividends96[(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 orprofession

    (iii)whereanassesseeletsonhiremachinery,plantorfurniturebelongingtohimandalsobuildings,and the lettingof thebuildings is inseparable from the lettingof the saidmachinery,plantorfurniture, the income from such letting, if it is not chargeable to incometax under the headProfitsandgainsofbusinessorprofession

    1[(iv) income referred to in subclause (xi) of clause (24) of section 2, if such income is notchargeabletoincometaxundertheheadProfitsandgainsofbusinessorprofessionorundertheheadSalaries]

    2[(v) where any sum of money exceeding twentyfive thousand rupees is received withoutconsiderationbyanindividualoraHinduundividedfamilyfromanypersononorafterthe1stdayofSeptember,20043[butbeforethe1stdayofApril,2006],thewholeofsuchsum:

    Providedthatthisclauseshallnotapplytoanysumofmoneyreceived(a)fromanyrelativeor(b)ontheoccasionofthemarriageoftheindividualor(c)underawillorbywayofinheritanceor(d)incontemplationofdeathofthepayeror

    javascript:ShowFootnote('ftn2_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037186', '');javascript:ShowFootnote('ftn97_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037186', '');javascript:ShowFootnote('ftn96_section56');javascript:ShowFootnote('ftn98_section56');javascript:ShowFootnote('ftn99_section56');javascript:ShowFootnote('ftn3_section56');javascript:ShowFootnote('ftn1_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037186', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037186', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000036591', '');javascript:ShowFootnote('ftn95_section56');

  • 2/10/2015 IncomeTaxDepartment

    http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 2/5

    4[(e)fromanylocalauthorityasdefinedintheExplanationtoclause(20)ofsection10or(f) fromany fundor foundationoruniversityorother educational institutionorhospital or

    othermedicalinstitutionoranytrustorinstitutionreferredtoinclause(23C)ofsection10or

    (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, isreceivedwithoutconsideration,byan individualoraHinduundividedfamily, inanypreviousyearfromanypersonorpersonsonorafterthe1stdayofApril,20066[butbeforethe1stdayofOctober,2009],thewholeoftheaggregatevalueofsuchsum:Providedthatthisclauseshallnotapplytoanysumofmoneyreceived

    (a)fromanyrelativeor(b)ontheoccasionofthemarriageoftheindividual6aor(c)underawillorbywayofinheritanceor(d)incontemplationofdeathofthepayeror(e)fromanylocalauthorityasdefinedintheExplanationtoclause(20)ofsection10or(f) fromany fundor foundationoruniversityorother educational institutionorhospital or

    othermedicalinstitutionoranytrustorinstitutionreferredtoinclause(23C)ofsection10or

    (g)fromanytrustorinstitutionregisteredundersection12AA.Explanation.Forthepurposesofthisclause,relativemeans(ii)brotherorsisteroftheindividual(iii)brotherorsisterofthespouseoftheindividual(iv)brotherorsisterofeitheroftheparentsoftheindividual(v)anylinealascendantordescendantoftheindividual(vi)anylinealascendantordescendantofthespouseoftheindividual(vii)spouseofthepersonreferredtoinclauses(ii)to(vi)]

    7[(vii)wherean individualor aHinduundivided family receives, in anypreviousyear, fromanypersonorpersonsonorafterthe1stdayofOctober,2009,(a) any sum of money, without consideration, the aggregate value of which exceeds fifty

    thousandrupees,thewholeoftheaggregatevalueofsuchsum8[(b)anyimmovableproperty,

    (i)without consideration, the stampduty valueofwhich exceeds fifty thousand rupees, thestampdutyvalueofsuchproperty

    (ii) for a consideration which is less than the stamp duty value of the property by an amount

    javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowFootnote('ftn4_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowFootnote('ftn5_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowFootnote('ftn6_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000036571', '');javascript:ShowFootnote('ftn6a_section56');javascript:ShowFootnote('ftn7_section56');javascript:ShowFootnote('ftn8_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000036571', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');

  • 2/10/2015 IncomeTaxDepartment

    http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 3/5

    exceeding fifty thousand rupees, the stamp duty value of such property as exceeds suchconsideration:

    Providedthatwherethedateoftheagreementfixingtheamountofconsiderationforthetransferofimmovablepropertyandthedateofregistrationarenotthesame,thestampdutyvalueonthedateoftheagreementmaybetakenforthepurposesofthissubclause:

    Providedfurtherthatthesaidprovisoshallapplyonlyinacasewheretheamountofconsiderationreferredtotherein,orapartthereof,hasbeenpaidbyanymodeotherthancashonorbeforethedateoftheagreementforthetransferofsuchimmovableproperty]

    (c)anyproperty,otherthanimmovableproperty,(i) without consideration, the aggregate fairmarket value of which exceeds fifty thousand

    rupees,thewholeoftheaggregatefairmarketvalueofsuchproperty(ii)foraconsiderationwhichislessthantheaggregatefairmarketvalueofthepropertybyan

    amountexceedingfiftythousandrupees,theaggregatefairmarketvalueofsuchpropertyasexceedssuchconsideration:

    Providedthatwherethestampdutyvalueofimmovablepropertyasreferredtoinsubclause(b)isdisputedbytheassesseeongroundsmentionedinsubsection(2)ofsection50C,theAssessingOfficermayrefer thevaluationofsuchproperty toaValuationOfficer,and theprovisionsofsection50Candsubsection(15)ofsection155shall,asfarasmaybe,applyinrelationtothestampdutyvalueofsuchpropertyforthepurposeofsubclause(b)astheyapplyforvaluationofcapitalassetunderthosesections:

    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 themeaning assigned to it in theExplanation2 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[***]

    javascript:ShowMainContent('Act', 'CMSID', '102120000000036571', '');javascript:ShowFootnote('ftn10_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037171', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037171', '');javascript:ShowFootnote('ftn9_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037186', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037171', '');javascript:ShowFootnote('ftn11_section56');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000036619', '');

  • 2/10/2015 IncomeTaxDepartment

    http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 4/5

    (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)stampdutyvaluemeans thevalueadoptedorassessedorassessablebyanyauthorityof the

    CentralGovernmentoraStateGovernmentforthepurposeofpaymentofstampdutyinrespectofanimmovableproperty]

    14[(viia) where a firm or a company not being a company in which the public are substantiallyinterested,receives,inanypreviousyear,fromanypersonorpersons,onorafterthe1stdayofJune,2010,anyproperty,beingsharesofacompanynotbeingacompanyinwhichthepublicaresubstantiallyinterested,

    (i)withoutconsideration, theaggregate fairmarketvalueofwhichexceeds fifty thousand rupees,thewholeoftheaggregatefairmarketvalueofsuchproperty

    (ii) for a considerationwhich is less than the aggregate fairmarket value of the property by anamount exceeding fifty thousand rupees, the aggregate fairmarket value of such property asexceedssuchconsideration:

    Providedthatthisclauseshallnotapplytoanysuchpropertyreceivedbywayofatransactionnotregardedastransferunderclause(via)orclause(vic)orclause(vicb)orclause(vid)orclause(vii)ofsection47.

    Explanation.Forthepurposesofthisclause,fairmarketvalueofaproperty,beingsharesofacompanynotbeingacompany inwhich thepublicare substantially interested, shallhave themeaningassignedtoitintheExplanationtoclause(vii)]

    15[(viib) where a company, not being a company in which the public are substantially interested,receives,inanypreviousyear,fromanypersonbeingaresident,anyconsiderationforissueofsharesthat exceeds the face value of such shares, the aggregate consideration received for such shares asexceedsthefairmarketvalueoftheshares:Providedthatthisclauseshallnotapplywheretheconsiderationforissueofsharesisreceived(i)byaventurecapitalundertakingfromaventurecapitalcompanyoraventurecapitalfundor(ii)byacompanyfromaclassorclassesofpersonsasmaybenotifiedbytheCentralGovernment

    inthisbehalf.Explanation.Forthepurposesofthisclause,(a)thefairmarketvalueofthesharesshallbethevalue

    (i)asmaybedeterminedinaccordancewithsuchmethodasmaybeprescribed16or(ii)asmaybesubstantiatedbythecompanytothesatisfactionoftheAssessingOfficer,based

    onthevalue,onthedateofissueofshares,ofitsassets,includingintangibleassetsbeinggoodwill, knowhow,patents, copyrights, trademarks, licences, franchises or anyother

    javascript:ShowMainContent('Act', 'CMSID', '102120000000037199', '');javascript:ShowFootnote('ftn15_section56');javascript:ShowFootnote('ftn14_section56');javascript:ShowFootnote('ftn16_section56');javascript:ShowFootnote('ftn13_section56');javascript:ShowFootnote('ftn12_section56');javascript:ShowFootnote('ftn12_section56');

  • 2/10/2015 IncomeTaxDepartment

    http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037175&k=&IsDlg=1 5/5

    businessorcommercialrightsofsimilarnature,whicheverishigher(b)venturecapitalcompany,venturecapitalfundandventurecapitalundertakingshallhave

    the meanings respectively assigned to them in clause (a), clause (b) and clause (c) of17[Explanation]toclause(23FB)ofsection10]

    18[(viii)incomebywayofinterestreceivedoncompensationoronenhancedcompensationreferredtoinclause(b)ofsection145A.]

    Thefollowingclause(ix)shallbeinsertedafterclause(viii)ofsubsection(2)ofsection56bytheFinance(No.2)Act,2014w.e.f.142015:

    (ix)anysumofmoneyreceivedasanadvanceorotherwiseinthecourseofnegotiationsfortransferofacapitalasset,if,

    (a)suchsumisforfeitedand(b)thenegotiationsdonotresultintransferofsuchcapitalasset.

    javascript:ShowMainContent('Act', 'CMSID', '102120000000036603', '');javascript:ShowMainContent('Act', 'CMSID', '102120000000037189', '');javascript:ShowFootnote('ftn18_section56');javascript:ShowFootnote('ftn17_section56');


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