TMI BlogDeductionsX X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of making or earning the gross residuary income; and (ii) it fulfills all other conditions, if any, specified therein; and (b) the amount of deductions specified in sub-section (3) subject to the fulfilment of the conditions, if any, specified therein; (2) The amount of expenditure referred to in clause (a) of sub-section (1) shall be the following:- (a) any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction referred to in clause (b) of sub-section (1) shall be the following - (a) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, if - (i) the premium payable for any of the years during the term of the policy does not exceed five per cent of the actual capital sum assured; and (ii) the sum is received only upo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mely:- (a) any amount relating to personal expenses of the person; (b) any amount paid on account of wealth-tax;or (c) any sum received under a Keyman insurance policy; (6) The provisions of sub-section (6) of section 33 shall, so far as may be, apply in computing the income under this head as they apply in computing the income under the head "Income from business". - - sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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