Income Tax Law & Practice-II (Income from other sources)

Which of the following conditions need to be satisfied, so that an income can be taxed under the head income from other sources?

• A)Assessee has an income

• B)Income should not be tax exempt

• C)Income should not be taxable under any of the other heads

• D)All of the above

As per section 56(2), Which of the following income are not chargeable to tax under the head income from other sources?

• A)Occasional one time gains derived from sale of capital asset

• B) Winnings from lotteries, Crossword puzzles and races including horse races

• C) Interest on securities which is not chargeable to tax under the head PGBP

• D)Sum received under keyman insurance policy not taxable under salaries or PGBPP

Sunsun india india pvt ltd, an indian company, declared dividend amounting to Rs.5,00,000 out of which 50% were received by sumit. He wants to claim deduction of Rs.50,000 against dividend income. The taxable income in the hands of sumit would be Rs.............

• A)2,50,000

• B)2,00,000

• C)Nil

• D)5,00,000

Arun owned certain securities as on 31.03.2022, On which interest of Rs.1,00,000 was received. The deductions which shall be allowed to Arun against such interest income would be.........

• A) Collection charges paid to banker

• B)Interest on money borrowed to make such investments

• C)Both A and B

• D)Either A or B

Which of the following is not included in taxable income:

• (A) Income from smuggling activity

• (B) Casual income

• (C) Gifts of personal nature subject to a maximum of ₹ 50,000 received in cash

• (D) Income received in-kind