Income from other source is a residuary head of income. Any item of income which does not fall under any other four specific heads of income is to be charged under this head.
According to sec 56(2) following incomes are chargeable under this head.
- Dividend declared by a foreign company
- Family pension
- Winnings from lottery, crossword puzzles, horse race etc
- Income from plant, machinery or furniture let out on hire where it is not the actual business of the assessee.
- Interest from securities, bank deposits
- Income from sub letting
- Any other receipts which doesn’t fall under any other heads of income.