TMI BlogChargeable Income Under Income from Other Sources - Section 56(1) and (2)X X X X Extracts X X X X X X X X Extracts X X X X ..... y, PGBP or Capital gains) is to be computed under Section 56 under the head INCOME FROM OTHER SOURCES . Some income taxable under section 56(2) under the head IOS are: Dividend Winnings from Lotteries, Crossword Puzzles, Horse races, Card games, Gambling or Betting Income from interest from securities [note:1] Income from Machinery, plant or furniture let on hire (if the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, any sum of money, immovable property or a property other than immovable property. [subject to many restrictions]. Gift (In some cases) Interest received on compensation or enhanced compensation Forfeiture of advance received for transfer of a capital asset to be taxed u/h Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions]. NOTE:- 1. Interest on securities - I nterest on securities is taxable under the head ' Income from other sources ' if the same is not taxable as business income under section 28 .If books of account in respect of such income are maintained on 'cash basis ',then the interest is taxable on receipt basis '.If, however, books of account are not maintained o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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