TMI BlogDeductions from gross residuary income.X X X X Extracts X X X X X X X X Extracts X X X X ..... re (not being in the nature of capital expenditure) is laid out or expended, wholly and exclusively, for 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; an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income of the nature referred to in clause (f) of sub-section (2) of section 58 ; (c) the amount determined, so far as may be, in accordance with the provisions of clause (xxx) of sub-section (2) of section 35 in respect of income of the nature referred to in clause (e) of sub-section (2) of section 58; (d) the amount determined, so far as may be, in accordance with the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-paid. (d) the amount included in income under clause (y) of sub-section (2) of section 58 in respect of an insurance policy where- (i) the premium paid or payable for any of the years during the term of the policy does not exceed five per cent. of the capital sum assured; and (ii) the amount is received only upon completion of original period of contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sub-section (2) of section 58, the amount of deduction shall be a sum equal to fifty per cent. of such income and no deduction shall be allowed under any other clause of this section. (5) The following amounts shall not be allowed as a deduction, namely:— (a) any amount relating to personal expenses of the person; (b) any amount of tax, interest or penalty paid under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the policy on happening of the insured event at any time during the term of the policy not taking into account— (i) the value of any premium agreed to be returned; or (ii) any benefit, by way of bonus or otherwise, over and above the sum assured, which is to be received or may be received by any person under the policy. - - statute, statutory provisions legi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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