Income Tax Act, 2025
Section 7: Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 11988).
7. Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 11988).
8. Subs. by Act 23 of 2012, s. 20, for “is less than its fair market value” (w.e.f. 12012).
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(b) in any other case, if the 1[Assessing Officer] is of opinion—
(i) that the fair market value of the asset exceeds the value of the asset as claimed by the
assessee by more than such percentage of the value of the asset as so claimed or by more than
such amountas may be prescribed in this behalf; or
(ii) that having regard to the nature of the asset and other relevant circumstances, it is
necessary so to do,
and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section
16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of
section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with
the necessary modifications, apply in relation to such reference as they apply in relation to a reference
made by the 1[Assessing Officer] under sub-section (1) of section 16A of that Act.
Explanation.—In this section, “Valuation Officer” has the same meaning, as in clause (r) of section 2
of the Wealth-tax Act, 1957 (27 of 1957).]
56. Income from other sources.—(1) Income of every kind which is not to be excluded from the
total income under this Act shall be chargeable to income-tax under the head “Income from other
sources”, if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E.
(2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the
following incomes, shall be chargeable to income-tax under the head “Income from other sources”,
namely:—
(i) dividends;
2[(ia) income referred to in sub-clause (viii) of clause (24) of section 2;]
3[(ib) income referred to in sub-clause (ix) of clause (24) of section 2;]
4[(ic) income referred to in sub-clause (x) 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”;]
5[(id) income by way of interest on securities, if the income is not chargeable to income-tax under
the head “Profits and gains 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”;
6[(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”;]
in any other case, if the 1[Assessing Officer] is of opinion—
that the fair market value of the asset exceeds the value of the asset as claimed by the
assessee by more than such percentage of the value of the asset as so claimed or by more than
such amountas may be prescribed in this behalf; or
that having regard to the nature of the asset and other relevant circumstances, it is
necessary so to do,
and where any such reference is made, the provisions of sub-sections
and
of section
16A, clauses
and
of sub-section
and sub-sections
and
of section 23, sub-section
of
section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with
the necessary modifications, apply in relation to such reference as they apply in relation to a reference
made by the 1[Assessing Officer] under sub-section
of section 16A of that Act.
Explanation.—In this section, “Valuation Officer” has the same meaning, as in clause
of section 2
of the Wealth-tax Act, 1957 (27 of 1957).]
56. Income from other sources.—
Income of every kind which is not to be excluded from the
total income under this Act shall be chargeable to income-tax under the head “Income from other
sources”, if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E.
In particular, and without prejudice to the generality of the provisions of sub-section
dividends;
2[
income referred to in sub-clause
of clause
of section 2;]
3[
income referred to in sub-clause
of clause
of section 2;]
4[
income referred to in sub-clause
of clause
of section 2, if such income is not
chargeable to income-tax under the head “Profits and gains of business or profession”;]
5[
income by way of interest on securities, if the income is not chargeable to income-tax under
the head “Profits and gains of business or profession”;]
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”;
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”;
6[
income referred to in sub-clause
of clause
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”;]