Income from Other Sources — Interest, Dividend, Gifts
Interest on savings, FDs, bonds and P2P; dividend income (fully taxable at slab from FY 2020-21); gifts above ₹50k from non-relatives; family pension; and lottery/gaming winnings (30% flat) are all reported here.
- Section 194: 10% TDS on dividend > ₹5,000
- Section 80TTA: ₹10k savings interest deduction
- Section 80TTB: ₹50k FD/savings interest for senior citizens
- Section 56(2)(x): gifts above ₹50k from non-relatives taxable
- Section 115BB: lottery/game winnings taxed at 30% flat (no deductions)
Definition
Income from Other Sources
What is Income from Other Sources?
Interest on savings, FDs, bonds and P2P; dividend income (fully taxable at slab from FY 2020-21); gifts above ₹50k from non-relatives; family pension; and lottery/gaming winnings (30% flat) are all reported here.
Key rules to remember
- Section 194: 10% TDS on dividend > ₹5,000
- Section 80TTA: ₹10k savings interest deduction
- Section 80TTB: ₹50k FD/savings interest for senior citizens
- Section 56(2)(x): gifts above ₹50k from non-relatives taxable
- Section 115BB: lottery/game winnings taxed at 30% flat (no deductions)
Worked example
A retiree with ₹80k SB interest + ₹1.4L FD interest + ₹40k dividend: total OS income ₹2.6L. 80TTB deduction ₹50k. Net ₹2.1L added to slab income.
Which ITR form applies
- ITR-1 (Sahaj) — Up to ₹50 lakh total income
- ITR-2 — No upper limit
- ITR-3 — No upper limit
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