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of <h1>Understanding the Five Heads of Income for Tax Purposes: Salaries, House Property, Business, Capital Gains, Other Sources</h1> The the five heads of income as per income tax law: 1. **Income from Salaries**: Taxable when there is an employer-employee relationship, covering salary, wages, pensions, and other benefits.2. **Income from House Property**: Tax on rental income or notional rent for properties not rented out, with deductions for municipal taxes and loan interest.3. **Profits and Gains of Business or Profession**: Tax on net business income after deducting expenses like depreciation, rent, and repairs.4. **Income from Capital Gains**: Tax on profits from transferring capital assets, with distinctions between long-term and short-term gains and certain exemptions.5. **Income from Other Sources**: Tax on miscellaneous income not covered by other heads, such as interest, lottery winnings, and non-relative gifts over 50,000.
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