HEADS OF INCOME ​

 

HEADS OF INCOME

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Income from House Property

Conditions for Taxability

The house property should consist of any building or land appurtenant thereto;

The taxpayer should be the owner of the property;

The house property should not be used for the purpose of business or profession carried on by the taxpayer.

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Profits and Gains from Business and Profession

The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:

Profit and gains from any business or profession carried on by the assessee at any time during the previous year

Any compensation or other payment due to or received by any specified person

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Income under the Capital Gains

Conditions for Chargeability:

There should be a capital asset. In other words, the asset transferred should be a capital asset on the date of transfer;

It should be transferred by the taxpayer during the previous year;

There should be profits or gain as a result of transfer

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Income from Other Sources

Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.

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