OTHER SOURCES

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Q1: Income from letting of machinery, plant and
furniture is

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Q2: In respect of winnings from lottery, crossword
puzzle or race including horse race or card game etc.

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Q3: Mr. J received the following income during AY
2021-2022 i.e. PY 2020-2021. Determine his
income from other sources:
(1) Director’s fees Rs. 5,000
(2) Income from agricultural land in Pakistan
Rs. 15,000
(3) Rent from let-out land in Jaipur Rs. 20,000
(4) Interest on deposit with HDFC Bank Rs. 1,000
(5) Divided from Indian company Rs. 5,000

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Q4: Which of the following income will be taxable
as income from other sources

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Q5: Mr. J is engaged in fertilizer trade, received rent
by sub-letting of a building. This will be taxable
under the head

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Q6: Mr. J is in receipt of family pension of Rs. 15,000
p.m. AY 2021-2022 i.e. PY 2020-2021. Income
chargeable to tax for Mr. J is:

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Q7: Mr. J traced a missing girl by spending Rs. 20,000.
For this, he was awarded with a sum of Rs. 1,20,000.
In this case the award is taxable to the extent of

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Q8: Mr. J died in a train accident and after his death
his family members were paid compensation of
Rs. 5,00,000 by Central Government. They have spent
Rs. 89,000 on collecting this amount. In this case the
compensation is taxable to the extent of

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Q9: Mr. J has taken a house on rent and sublets the
same to Mr. D. Income from such house property
shall be taxable under the head:

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Q10: GGC Pvt. Ltd. issued equity shares of Rs. 10
each at Rs. 40 per share. The fair market value of the
share on the date of issue was ascertained as Rs. 25 per
share. The company issued 1,00,000 equity shares.
The amount liable to tax in the hands of the
company would be:

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Q11: Mr. J is non resident of India and has age of 65
years. He won a prize on lottery ticket on 30/8/2020.
The prize amount was Rs. 5,50,000. He had bought
lottery tickets for Rs. 75,000 during the year.
Assuming that he had no other income chargeable to
tax for the year determine his income tax liability for
the AY 2021-2022 i.e. PY 2020-2021

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Q12: When Mr. J retired from GGC Ltd. on
1/1/2021, he was paid Rs. 5,00,000 for not doing a
competing business for the next 5 years. Amount so
received chargeable to tax in the hands of Mr. J is:

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Q13: When Mr. J retired from GGC Ltd. on
1/1/2021, he was paid Rs. 5,00,000 for not doing a
competing business for the next 5 years. The amount
so received by Mr. J is taxable as:

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Q14: Income under the head income from other
sources is taxable on:

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Q15: Winning from lotteries, crossword puzzles,
horse races & other races, card game, etc. are casual
income & hence:

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Q16: For computing lottery, crossword puzzles
races, card games income etc., the assesses shall:

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Q17: The lottery, crossword puzzle, races, card
games incomes, etc. are taxable at:

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Q18: If no regular system of accounting is followed
by assessee then interest on securities is taxable on:

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Q19: When an advance received for transfer of
capital asset is forfeited on or after 1/4/2014, such
forfeited amount shall be

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Q20: Income from other sources is chargeable to tax

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Q21: Income by way of interest on securities is
chargeable under the head of

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Q22: Income by way of interest on securities earned
by stock broker from securities held as inventory is
chargeable under the head of

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Q23: Income from other sources is also known as
........................... head of income

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Q24: Guest Lecturer’s remuneration is taxable under
which head of income

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Q25: Any income from gambling, betting etc. is
known as .................. and taxable @ ........................

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Q26: Deduction under Chapter VI-A ......................
from causal income

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Q27: An assessee received interest due to late
payment of compensation for compulsory
acquisition of capital asset amounting to Rs. 10,00,000.
What amount is taxable under head Other Sources?

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Q28: The interest on Post Office Savings Bank
account would be exempt from tax only upto ………
for an individual account

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Q29: The interest on Post Office Savings Bank
Account would be exempt from tax upto ............. for
joint account

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Q30: Rent received by original tenant from subtenant is taxable under the head .........................?

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Q31: Expenses of purchasing lottery tickets are
deducted out of winnings from lottery under head
income from other sources?

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Q32: Casual income is taxable u/s

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Q33: Under a lucky draw competition, Mr. J won a
car which has FMV of Rs. 7,00,000. What amount is
taxable in his hands?

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Q34: Deduction allowable in respect of family
pension taxable under income from other sources is

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Q35: The deduction in respect of interest on enhanced
compensation of Rs. 1,50,000 received during the AY
2021-2022 i.e. PY 2020-2021, would be

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Q36: The legal heir of the deceased who receives
family pension is allowed a deduction from such
family pension:

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Q37: Bond washing transaction is given under:

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Q38: Amount paid on account of any current repairs
to the machinery, plant or furniture given on rent
........... as deduction under head other sources

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Q39: An assessee received family pension of
Rs. 90,000, what amount is taxable as income from
Other Sources?

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Q40: What is the amount of deduction available on
interest received from enhanced compensation?

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Q41: Deduction of expenses from the dividend shall
be restricted to……….. of amount of dividends

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Q42: While computing taxable casual income

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Q43: Which section states that deduction of
expenses is allowed from income from other sources

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Q44: Which section states that deduction of
expenses is not allowed from income from Other
Sources