15 April 2009
Dear, As per Income tax Act section 56 (1) Income from other sources is a residury head. and any income which doesn't fall under any other head, then it will be charged under other sources. In your case, This trip income is neither falling u/s 15 (coz employer-employee relation doesn't exist)nor u/s 22 (house property)nor U/s 28 (PGBP) and nor U/s 45(1)(Capital gain. Hence finally it qualifies as a residuary income and is chargeable under section 56(1) i.e; other sources.
CAclubindia
