The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely:-
(i) 1 in the case of dividends, other than dividends referred to in section 115-O, 2 or interest on securities, any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such dividend 2 or interest on behalf of the assessee;
3 (ia) in the case of income of the nature referred to in sub-clause (x) of clause (24) of section 2 which is chargeable to income-tax under the head "Income from other sources", deductions, so far as may be, in accordance with the provisions of clause (va) of sub-section (1) of section 36;
(ii) in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of clause (a) and clause (c) of section 30, section 31 and 4 sub-sections (1) 5 *** and (2) of section 32 and subject to the provisions of 6 section 38;
7 (iia) in the case of income in the nature of family pension, a deduction of a sum equal to thirty-three and one-third per cent of such income or 8 fifteen thousand rupees, whichever is less.
Explanation.-For the purposes of this clause, "family pension" means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his death;
(iii) any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making or earning such income;
9 (iv) in the case of income of the nature referred to in clause (viii) of sub-section (2) of section 56, a deduction of a sum equal to fifty per cent of such income and no deduction shall be allowed under any other clause of this section.
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1. Subs. by Act 32 of 2003, s. 32, for "in the case of dividends" (w.e.f.
1-4-2004).
2. Ins. by Act 26 of 1988, s.19 (w.e.f. 1-4-1989).
3. Ins. by Act 11 of 1987, s. 27 (w.e.f. 1-4-1988).
4. Subs. by Act 42 of 1970, s. 14, for "sub-sections (1) and (2) of section 32"
(w.e.f. 1-4-1970).
5. The brackets, figure and letter "(1A)" omitted by Act 46 of 1986, s. 32 (w.e.f.
1-4-1988).
6. Subs. by s. 32, ibid., for "sections 34 and 38" (w.e.f. 1-4-1988).
7. Ins. by Act 13 of 1989, s. 13 (w.e.f. 1-4-1990).
8. Subs. by Act 26 of 1997, s. 20, for "twelve thousand rupees" (w.e.f.
1-4-1998).
9. Ins. by Act 33 of 2009, s. 27 (w.e.f. 1-4-2010).
10. The proviso omitted by Act 32 of 1994, s. 19 (w.e.f. 1-1995).
11. The Explanation omitted by Act 26 of 1988, s. 19 (w.e.f. 1-4-1989).
Section 55 Meaning of adjusted, cost of improvement and cost of acquisition
Section 55A Reference to Valuation Officer
Section 56 Income from other sources
Section 58 Amounts not deductible
Section 59 Profits chargeable to tax
Section 60 Transfer of income where there is no transfer of assets
Section 61 Revocable transfer of assets
Section 62 Transfer irrevocable for a specified period
Section 63 Transfer and revocable transfer defined
Section 64 Income of individual to include income of spouse, minor child, etc