Income from other sources

Income from letting of machinery, plant and furniture is –

In respect of winnings from lottery, crossword puzzle or race including horse race or card game etc.

The deduction allowable in respect of family pension taxable under “Income from other sources” is

Ram received ` 60,000 from his friend on the occasion of his birthday.

Mr. X aged, 61 years, received dividend of 8,00,000 from a domestic company in P.Y. 2019-2020 Tax chargeable under section 115BBDA is @10% on –

Mr. Y aged, 61 years, received dividend of 8,00,000 from a domestic company in P.Y. 2020-2021, Tax chargeable is –

Mr. Shubham has received a sum of 51,000 on 24.10.2020 from his friend on the occasion of his marriage anniversary.

Mr. Jitesh has received a sum of ` 75,000 on 24.10.2020 from his friend on the occasion of his marriage anniversary.

Suraj ’s bank account shows the following deposits during the financial year 2020- 21. Compute his total income for the A.Y. 2020-21 assuming that his income from house property (computed) is ` 62,000. (i)Gift from his sister in Amsterdam `2,30,000

(ii)Gift from his friend on his birthday 10,000
(iii)Dividend from shares of various Indian companies 12,600
(iv)Gift from his mother’s friend on his engagement 25,000
(v)Gift from his fiancée 75,000
(vi)Interest on bank deposits (Fixed Deposit) 25,000

Which of the following income is generally chargeable under the head of income from other sources?
(A) Income from subletting house property
(B) Director fee
(C) Rent from plot (Land)
(D) Salary of a Member of Parliament
(E) Insurance commission
(F) Income from sale of securities
Choose the most appropriate answer from the options given below:

Mr. A, a deals in shares, received the following without consideration during the P.Y. 2019-20 from his friend Mr. B. What is the income chargeable to tax for this transaction?
(1) Cash gift of 75,000 on his anniversary, 15th April, 2019.
(2) Bullion, the fair market value of which was 60,000, on his birthday, 19th June, 2019.
(3) A plot of land at Faridabad on 1st July, 2019, the stamp value of which is 5 lakhs on that date. Mr. B had purchased the land in April, 2009.

Mr. Akshat received 100 shares of A Ltd. from his friend as a gift on occasion of his 25th marriage anniversary. The fair market value on that date was Rs 100 per share. He also received jewellery worth 45,000 (FMV) from his nephew on the same day.
Kishan HUF gifted a car to son of Karta for achieving good marks in Xll board examination. The fair market value of the car is 5,25,000. What is the income chargeable to tax for this transaction?

On 1 November, 2019, Mr. A took possession of property (building) booked by him two years back at 20 lakhs. The stamp duty value of the property as on 1t November, 2019 was 32 lakh and on the date of booking was 23 lakhs. He had paid 1 lakh by account payee cheque as down payment on the date of booking. What is the income chargeable to tax for this transaction?

Rahul receives the following gifts in previous year 2021-2022. What is the Gift value chargeable to tax for him for AY 2022-2023.
1) Received 1,00,000 Rs. Cash on Marriage Anniversary.
2) Received a Mobile phone Gifted on his Birthday a friend worth Rs. 70,000
3) Received Jewellary worth of 5 lacs on Marriage from his friend.
4) Received a Gold chain by his Grandmother’s worth of Rs. 5 lacs.

Tanvi gifted a Gold Necklace worth of 5 lacs to her friend on her Birthday. Her friend gave a consideration of 3 lacs to Tanvi Fair market value of Gold Necklace at the time of gift is 5,50,000 Rs. What is the income chargeable to tax to her friend for the above gift?