As per Section-57, the Expenses deductible under the head of income from other sources are:
- In the case of dividend or interest income any expenses incurred by way of commission or remuneration for realization of such income.
- In the case of sum collected from the employees towards the welfare fund contribution, the amount which is paid within the due date is allowed as deduction.
- In the case of family pension, one-third of the pension or 15000, whichever is less is allowed as deduction.
- In the case of income earned by the way lease rental on letting of plant, furniture with or without building–
- Repairs on such buildings, Machinery, Furniture etc.
- Insurance and depreciation on such assets
- In the case of interest on compensation or enhanced compensation received, 50% of such interest received can be availed as deduction.
- Any other expenditure –
- It should not be capital expenditure
- It should be incurred during previous year
- It should not be personal expenditure
- It should have been expended for earning income
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