INCOMES SPECIFICALLY CHARGEABLE S.

56(2)
Section 56(2) lists incomes specifically chargeable to tax under the head Income from Other Sources. These incomes are: i. Dividends u/s 2(22) (a) to (e) ii. Any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever. iii. Any sum received by the assessee from his employee as contribution to any provident fund or superannuation fund or any fund set up under the provisions of the Employee State Insurance Act, 1948 or any other fund for the welfare of such employee is treated as income as referred under Section 2(24)(x), if not chargeable under the head business or profession. iv. Income by way of interest on securities, if not chargeable under the head business or profession. v. Rental income from machinery, plant or furniture belonging to the assessee and let on hire if not chargeable under the head business or profession. vi. Where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings and letting of the buildings is inseparable from the letting of the said machinery, plant or furniture, if not chargeable under the head business or profession. vii. Any sum including bonus received under Keyman Insurance Policy shall be treated as income chargeable to tax under this head if not taxable as salary or business income. viii. Aggregate of any sum of money exceeding Rs. 50,000 received without consideration by an individual or HUF on or after 1.10.2009 ix. Aggregate fair market value of movable property if it exceeds Rs 50,000 received without consideration by an individual or HUF x. The difference between the aggregate fair market value and the consideration received if movable property exceeding Rs 50,000 is received for inadequate consideration received by any individual or HUF. xi. The stamp duty value whether assessed or assessable of any immovable property if the stamp duty value of such property exceeds Rs 50,000 received without consideration by an individual or HUF xii. Shares of closely held companies having aggregate fair market value exceeding Rs. 50,000 received by a firm or a closely held company without consideration

from any person or persons, the public are substantially interested, or for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration :

xiii. Income by way of interest received on compensation or on enhanced

compensation referred to in clause (b) of section 145A.