TMI BlogHEADS OF INCOMEX X X X Extracts X X X X X X X X Extracts X X X X ..... l gains. Income from other sources. Thus, for the purpose of computation of total income , the income is first categorized under these heads of income and then charged to Income Tax in accordance with the provisions and rules as specified in the Income Tax Act. The five Heads of Income have been briefly explained here under: INCOME FROM SALARIES Income under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that would have been received if this property was rented out. Income from House Property is perhaps the only income that is charged to tax on a notional basis. Tax under this head does not only include Income from letting out of House Property but also includes Income from letting out of Commercial Properties and all types of properties. Various Deductions like Standard Deduction, Deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny profit or gain arising from transfer of capital asset held as investments are chargeable to tax under the head capital gains . For the purpose of computation, capital gains are divided into Long Term Capital Gains and Short Term Capital Gains. There are tax exemption from long term capital gains on sale of residential house or other capital asset or even agriculture land under various se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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