अन्य स्रोतों से आय · NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
What this chapter covers
The residual head of income: what is always taxed here, deemed dividends, dividend taxation after Dividend Distribution Tax was abolished, buyback proceeds treated as dividend from 1 October 2024, interest on securities, and the taxation of gifts of securities.
अन्य स्रोतों से आय — लाभांश, बायबैक, प्रतिभूतियों पर ब्याज और उपहार पर कर।
What to master before the exam
- Dividend Distribution Tax applied up to AY 2020-21; from AY 2021-22 dividends are taxed in the shareholder's hands at slab rates, with DTAA relief for non-residents.
- From 1 October 2024 buyback proceeds are taxed as dividend with no deduction for expenses, and the cost of the shares bought back becomes a capital loss.
- Deemed dividend under Section 2(22) includes a loan by a closely held company to a shareholder out of accumulated profits and a payment by a company on the buyback of its own shares.
- A gift of movable property, including shares, is taxed only if the aggregate fair market value exceeds Rs 50,000 — and then in full; gifts from relatives, on marriage, or under a will or inheritance are exempt.
- Relatives include the spouse, children, parents, siblings and their spouses, grandparents, grandchildren and in-laws; step-siblings, nephews, nieces and cousins are not relatives for this rule.
Exam tip: A small chapter in Module 9 (20 marks). Expect one-mark questions on the Rs 50,000 gift rule, the relatives list and the October 2024 buyback change.
Sample questions from this chapter
Five of the 14 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.
Question 1
After the abolition of Dividend Distribution Tax by the Finance Act, 2020 (with effect from AY 2021-22), dividend received by a resident individual from a domestic company is:
Finance Act, 2020 द्वारा Dividend Distribution Tax (DDT) समाप्त होने के बाद (AY 2021-22 से), किसी निवासी व्यक्ति को घरेलू कंपनी से प्राप्त लाभांश:
- Taxable in the shareholder's hands under "Income from other sources" at the applicable slab rateशेयरधारक के हाथों में "अन्य स्रोतों से आय" के अंतर्गत लागू स्लैब दर पर कर-योग्य है
- Exempt in the shareholder's handsशेयरधारक के हाथों में छूट-प्राप्त है
- Taxable at a flat rate of 10%10% की समान दर पर कर-योग्य है
- Taxable under the head "Capital gains""पूंजीगत लाभ" शीर्ष के अंतर्गत कर-योग्य है
Show answer & explanation
Answer: A — Taxable in the shareholder's hands under "Income from other sources" at the applicable slab rate
Up to AY 2020-21 companies paid DDT and shareholders were generally exempt. From AY 2021-22, dividend is taxable in the hands of the shareholder or unit-holder under "Income from other sources" at the applicable slab rate (TDS under section 194/194K).
AY 2020-21 तक कंपनियाँ DDT चुकाती थीं और शेयरधारक सामान्यतः छूट-प्राप्त थे। AY 2021-22 से लाभांश शेयरधारक/यूनिटधारक के हाथों में "अन्य स्रोतों से आय" के अंतर्गत लागू स्लैब दर पर कर-योग्य है (धारा 194/194K के अंतर्गत TDS)।
Question 2
In November 2025 a company buys back 1,000 shares from Mr. Bose at Rs.500 each under the Companies Act, 2013. He had bought them at Rs.320 each. As per the workbook, how is this buy-back treated in his hands?
नवंबर 2025 में एक कंपनी कंपनी अधिनियम, 2013 के अंतर्गत श्री बोस से 1,000 शेयर रु.500 प्रति शेयर पर वापस खरीदती है (buy-back)। उन्होंने ये शेयर रु.320 प्रति शेयर पर खरीदे थे। वर्कबुक के अनुसार उनके हाथों में इस buy-back का क्या उपचार है?
- Capital gain of Rs.1,80,000रु.1,80,000 का पूंजीगत लाभ
- Dividend of Rs.1,80,000 under "Income from other sources""अन्य स्रोतों से आय" के अंतर्गत रु.1,80,000 का लाभांश
- Dividend of Rs.5,00,000 under "Income from other sources" with no deduction for expenses, and the cost of Rs.3,20,000 treated as a capital loss"अन्य स्रोतों से आय" के अंतर्गत रु.5,00,000 का लाभांश, व्ययों की कोई कटौती नहीं, और रु.3,20,000 की लागत पूंजीगत हानि मानी जाएगी
- Exempt in the shareholder's handsशेयरधारक के हाथों में छूट-प्राप्त
Show answer & explanation
Answer: C — Dividend of Rs.5,00,000 under "Income from other sources" with no deduction for expenses, and the cost of Rs.3,20,000 treated as a capital loss
With effect from 1 October 2024, buy-back proceeds are taxed as dividend under "Income from other sources" with no deduction for expenses: 1,000 × 500 = Rs.5,00,000. The cost of the shares bought back (1,000 × 320 = Rs.3,20,000) is treated as a capital loss, eligible for set-off as per the rules.
1 अक्टूबर 2024 से buy-back की राशि "अन्य स्रोतों से आय" के अंतर्गत लाभांश के रूप में कर-योग्य है, व्ययों की कोई कटौती नहीं: 1,000 × 500 = रु.5,00,000। वापस खरीदे गए शेयरों की लागत (1,000 × 320 = रु.3,20,000) पूंजीगत हानि मानी जाती है, जो नियमों के अनुसार समायोजन-योग्य है।
Question 3
Which of the following is a "deemed dividend" under section 2(22)?
धारा 2(22) के अंतर्गत निम्नलिखित में से कौन-सा "डीम्ड लाभांश" (deemed dividend) है?
- Bonus shares issued to equity shareholdersइक्विटी शेयरधारकों को जारी बोनस शेयर
- A loan or advance by a closely held company to its shareholder out of accumulated profitsएक closely held कंपनी द्वारा संचित लाभ में से अपने शेयरधारक को दिया गया ऋण या अग्रिम
- Interest received on debenturesडिबेंचरों पर प्राप्त ब्याज
- Sale proceeds of shares sold on a stock exchangeस्टॉक एक्सचेंज पर बेचे गए शेयरों की बिक्री राशि
Show answer & explanation
Answer: B — A loan or advance by a closely held company to its shareholder out of accumulated profits
Section 2(22) deems certain distributions to be dividend, including a loan or advance by a closely held company to its shareholder out of accumulated profits, distributions on liquidation or capital reduction out of accumulated profits, bonus shares to preference shareholders, and buy-back payments.
धारा 2(22) कुछ वितरणों को लाभांश मानती है, जिनमें closely held कंपनी द्वारा संचित लाभ में से शेयरधारक को ऋण या अग्रिम, संचित लाभ में से परिसमापन या पूंजी-कटौती पर वितरण, प्राथमिकता (preference) शेयरधारकों को बोनस शेयर, और buy-back भुगतान शामिल हैं।
Question 4
As per section 2(28B), "interest on securities" means:
धारा 2(28B) के अनुसार "प्रतिभूतियों पर ब्याज" (interest on securities) का अर्थ है:
- Interest on savings bank depositsबचत बैंक जमा पर ब्याज
- Interest on fixed deposits with banksबैंकों में सावधि जमा (FD) पर ब्याज
- Interest on personal loans given to friendsमित्रों को दिए गए व्यक्तिगत ऋणों पर ब्याज
- Interest on any security of the Central or a State Government, and on debentures or other securities for money issued by a local authority, a company or a statutory corporationकेंद्र या राज्य सरकार की किसी प्रतिभूति पर, तथा किसी स्थानीय प्राधिकरण, कंपनी या वैधानिक निगम द्वारा जारी डिबेंचर या अन्य प्रतिभूतियों पर ब्याज
Show answer & explanation
Answer: D — Interest on any security of the Central or a State Government, and on debentures or other securities for money issued by a local authority, a company or a statutory corporation
Section 2(28B) defines interest on securities as interest on any security of the Central or State Government, and interest on debentures or other securities for money issued by or on behalf of a local authority, a company or a corporation established by a Central, State or Provincial Act.
धारा 2(28B) प्रतिभूतियों पर ब्याज को केंद्र या राज्य सरकार की किसी प्रतिभूति पर ब्याज, तथा स्थानीय प्राधिकरण, कंपनी या केंद्र/राज्य/प्रांतीय अधिनियम से स्थापित निगम द्वारा जारी डिबेंचर या अन्य प्रतिभूतियों पर ब्याज के रूप में परिभाषित करती है।
Question 5
Ms. Iyer holds bonds as an investment and receives interest of Rs.80,000 on them. She pays collection charges of Rs.800 and interest of Rs.12,000 on money borrowed to buy the bonds. Her taxable income from these securities is:
सुश्री अय्यर निवेश के रूप में बॉन्ड रखती हैं और उन पर रु.80,000 ब्याज पाती हैं। वे रु.800 संग्रह शुल्क और बॉन्ड खरीदने हेतु उधार ली गई राशि पर रु.12,000 ब्याज चुकाती हैं। इन प्रतिभूतियों से उनकी कर-योग्य आय कितनी है?
- Rs.67,200रु.67,200
- Rs.79,200रु.79,200
- Rs.68,000रु.68,000
- Rs.80,000रु.80,000
Show answer & explanation
Answer: A — Rs.67,200
From gross interest on securities, collection charges and interest on borrowings used to buy the securities are deductible: 80,000 − 800 − 12,000 = Rs.67,200.
प्रतिभूतियों पर सकल ब्याज से संग्रह शुल्क और प्रतिभूतियाँ खरीदने हेतु उधार पर ब्याज कटौती-योग्य हैं: 80,000 − 800 − 12,000 = रु.67,200।
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