TaxTMI 
TaxTMI 
Income from other sources
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....of business or profession" ;] (ii) income from machinery, plant or furniture belonging to the assessee and let on hire, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession"; (iii) where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings, and the letting of the buildings is inseparable from the letting of the said machinery, plant or furniture, the income from such letting, if it is not chargeable to income-tax under the head "Profits and gains of business or profession"; ^5[(iv) income referred to in sub-clause (xi) of clause (24) of section 2, if such income is not chargeable to income-tax under the head "Profits and gains of business or profession" or under the head "Salaries";] ^6[(v) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004 ^7[but before the 1st day of April, 2006], the whole of such sum : Provided that this clause shall not apply to any sum of money received- (a) from any rela....
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.... (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi).] ^11[(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 ^26[but before the 1st day of April, 2017],- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; ^21[(b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of ....
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....t in the Explanation 2 to sub-section (2) of section 50C; (b) "fair market value" of a property, other than an immovable property, means the value determined in accordance with the method as may be prescribed; (c) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2; (d) "property" ^14[means the following capital asset of the assessee, namely:-] (i) immovable property being land or building or both; (ii) shares and securities; (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; ^15[****] (viii) any work of art; ^16[or] ^17[(ix) bullion;] ^19[(e) "relative" means,- (i) in case of an individual- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal asc....
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....in this behalf: ^33[Provided further that where the provisions of this clause have not been applied to a company on account of fulfilment of conditions specified in the notification issued under clause (ii) of the first proviso and such company fails to comply with any of those conditions, then, any consideration received for issue of share that exceeds the fair market value of such share shall be deemed to be the income of that company chargeable to income-tax for the previous year in which such failure has taken place and, it shall also be deemed that the company has ^33A[under reported the income] in consequence of the misreporting referred to in sub-section (8) and sub-section (9) of section 270A for the said previous year.] ^60[Provided also that the provisions of this clause shall not apply on or after the 1st day of April, 2025.] Explanation.-For the purposes of this clause,- (a) the fair market value of the shares shall be the value- (i) as may be determined in accordance with such method as may be prescribed; or (ii) as may be substantiated by the company to the satisfaction of the Assessing Offic....
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....following amounts, namely:-- (i) the amount of fifty thousand rupees; and (ii) the amount equal to ^41[ten per cent.] of the consideration:] Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purposes of this sub-clause: Provided further that the provisions of the first proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a ^36[bank account or through such other electronic mode as may be prescribed], on or before the date of agreement for transfer of such immovable property: Provided also that where the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shal....
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....lative of the individual. ^37[(XI) from such class of persons and subject to such conditions, as may be prescribed.] ^54[(XII) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf; (XIII) by a member of the family of a deceased person,- (A) from the employer of the deceased person; or (B) from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees, where the cause of death of such person is illness related to COVID-19 and the payment is- (i) received within twelve months from the date of death of such person; and (ii) subject to such other conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation.-For the purposes of clauses (XII) and (XIII) of this proviso, "family", in relation to an individual, shall have the same meaning ....
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....which is not to be excluded from the total income of the previous year in accordance with the provisions of clause (10D) of section 10, the sum so received as exceeds the aggregate of the premium paid, during the term of such life insurance policy, and not claimed as deduction under any other provision of this Act, computed in such manner as may be prescribed. Explanation.-For the purposes of this clause "unit linked insurance policy" shall have the meaning assigned to it in Explanation 3 to clause (10D) of section 10.] *************** NOTES:- 1. Inserted vide Section 18 of the Finance Act, 1965 w.e.f. 01-04-1965 2. Inserted vide Section 10 of the Finance Act, 1972 w.e.f. 01-04-1972 3. Inserted vide Section 26 of the Finance Act, 1987 w.e.f. 01-04-1988 4. Inserted vide Section 18 of the Finance Act, 1988 w.e.f. 01-04-1989 5. Inserted vide Section 21 of the Finance (No. 2) Act, 1996 w.e.f. 01-10-1996 6. Inserted vide Section 13 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 7. Inserted vide Section 10 of the Taxation Laws (Amendment) Act, 2006 ....
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....^ ^"13[(b) any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;]" 22. Substituted vide Section 11 of the Finance Act 2013 w.e.f. 01-04-2014 before it was read as, "Explanation 1". 23. Inserted vide Section 25 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 24. Substituted vide Section 35 of the Finance Act, 2016 w.e.f. 01-04-2017 before it was read as, "section 12AA" 25. Inserted vide Section 35 of the Finance Act, 2016 w.e.f. 01-04-2017 26. Inserted vide Section 29 of the Finance Act, 2017 w.e.f. 01-04-2018 27. Inserted vide Section 29 of the Finance Act, 2017 w.e.f. 01-04-2018 28. Inserted vide Section 29 of the Finance Act, 2017 w.e.f. 01-04-2018 29. Substituted vide Section 23 of the Finance Act, 2018 w.e.f. 01-04-2019 before it was read as, "(B) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:....
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....rovisions) Act, 2020 w.e.f. 01-06-2020 before it was read as, "^40[section 12AA or section 12AB]" 46. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 before it was read as, "^43[section 12AA]" 47. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 before it was read as, "^44[section 12AA]" 48. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 before it was read as, "^45[section 12AA]" 49. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-06-2020 before it was read as, "^42[section 12A or section 12AA or section 12AB]" 50. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021&nbs....