PROJECT REPORT ON

INCOME FROM OTHER SOURCES AND INCOME

FROM HOUSE PROPERTY

MASTER OF COMMERCE DEGREE

SEMESTER- III
ACADEMIC YEAR: 2014-2015

SUBMITTED BY

Mr. ANKUSH PATIL

ROLL NO: 26

N.E.S RATNAM COLLEGE OF ARTS, SCIENCE& COMMERCE

N.E.S MARGE, BHANDUP (WEST), MUMBAI-400078.

PROJECT REPORT ON
INCOME FROM OTHER SOURCES AND INCOME
FROM HOUSE PROPERTY

MASTER OF COMMERCE DEGREE

SEMESTER- III
ACADEMIC YEAR: 2014-2015
SUBMITTED BY:
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
AWARD OF MASTER DEGREE OF COMMERCE

Mr. ANKUSH PATIL

ROLL NO: 26

N.E.S RATNAM COLLEGE OF ARTS, SCIENCE& COMMERCE

N.E.S MARG, BHANDUP (WEST), MUMBAI-400078.

N.E.S RATNAM COLLEGE OF ARTS, SCIENCE& COMMERCE,

N.E.S MARG, BHANDUP (WEST), MUMBAI-400078.

CERTIFICATE
This is to certify that the project report on Income From Other Sources
And Income From House Property is bonafide record of project worked
done by Mr. Ankush Patil submitted in partual fulfillment of the
requirement of the award of the Master of Commerce Degree University
of Mumbai during the period of his study in the academic year 2014-15
COURSE CO-ORDINATOR:

INTERNAL EXAMINER:

EXTERNAL EXAMINER:
Principal
Mrs. Rina Saha

DECLARATION
I hereby declare that this Project Report entitled INCOME FROM
OTHER SOURCES AND INCOME FROM HOUSE PROPERTY submitted
by me for the award of Masters of Commerce Degree; University of Mumbai is a
record of Project work done by me during the year 2014-2015. This is entirely my
own work.

Name: Ankush Patil Roll No. 26

Signature

Place: Mumbai, Bhandup (W)

Date:

ACKNOWLEDGEMENT

I owe a great many thanks to a great many people who helped and supported me
doing the writing of this book.
My deepest thanks to lecturer, Prof. RAJIV MISHRA of the project for
guiding & correcting various documents of mine with attention care. She/he has
taken pains to go through my project and make necessary corrections as and when
needed.
I extended my thanks to the principal of, NES Ratnam College of Arts,
Science & Commerce, Bhandup (w), for extending her support.
My deep sense of gratitude to Principal Mrs . Rina Saha of NES Ratnam
College of Arts, Science & Commerce for support & guidance. Thanks and
appreciation to the helpful people at NES Ratnam College of Arts, Science &
Commerce, for their support.
I would also thank my institution and faculty members without whom this project
has been a distant reality. I also extended my heartfelt thanks to my family and
well-wishers.
Candidate Name of the

Ankush Patil

INDEX
SR.NO.

PARTICULAR

PAGE NO.

1.

INTRODUCTION OF TAX

1-2

2.

CLASSIFICATION OF INCOME TAX

3-9

INCOME UNDER THE HEAD SALARIES (SECTION 15 17)

INCOME FROM HOUSE PROPERTY (SECTION 22 27)
PROFITS AND GAINS FROM BUSINESS OR PROFESSION

(SECTION 28 44)
CAPITAL GAINS (SECTION 45 55)
INCOME FROM OTHER SOURCES (SECTION 56 59)

3.

PERSON AND CLASSIFICATION OF INCOME TAX

10-13

4.

INCOME FROM OTHER SOURCES

14-21

5.

DEDUCTIONS FROM SALARIES: - S. 16

22-25

6.

INCOME FROM HOUSE PROPERTY

26-32

7.

CONCLUSION

33