Home > Income Tax > Help Center > A Guide on Other Income Last Updated: Nov 21st 2022
Guide on Other Income from the perspective of Income Tax covering income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form. Income chargeable to tax under the head 'Income from Other Sources' in the perspective of Income Tax Act is covered in detail.
Other income is a taxable income which does not fall under the category of Salary, House Property, Capital Gains, Business / Profession.
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Incomes chargeable under the head “Income from other sources” if they are not chargeable under the head “Income from business/profession”
Following incomes will be chargeable under income from other sources if they are not chargeable under income from business/profession.
If shares in a closely held company are received by a firm or another closely held company from any person without consideration or for inadequate consideration, the aggregate fair market value of such shares as reduced by the consideration paid, if any, shall be chargeable to tax.
Note: Nothing would be chargeable to tax if taxable amount doesn’t exceed Rs. 50,000.
If a closely held public company receives any consideration for issue of shares which exceed the fair market value of such shares, the aggregate consideration received for such shares as reduced by its fair market value shall be chargeable to tax.
Note: This provision is not applicable in the following cases :
Any compensation received by a person in connection with the termination of his employment or modification of terms and conditions relating thereto.
Interest received on compensation or enhanced compensation.
Any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset shall be charged to tax.
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