Any expenses allowed as deductions while computing Income from Other Sources?

As per Section-57, the Expenses deductible under the head of income from other sources are:

  1. In the case of dividend or interest income any expenses incurred by way of commission or remuneration for realization of such income.
  2. 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.
  3. In the case of family pension, one-third of the pension or 15000, whichever is less is allowed as deduction.
  4. 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
  5. In the case of interest on compensation or enhanced compensation received, 50% of such interest received can be availed as deduction.
  6. 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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