Answer to Question #226278 in Accounting for Khursheed

Question

Calculate income from other sources from the informations given below :
(i) Winnings from lottery Rs. 1,00,000
(ii) Received from horse race-
Winnings Rs. 35,000
(iii) Received Rs. 20,000 as gift from his friend.
(iv) Received Rs. 1,00,000 as gift from his elder brother.
(v) Received Rs. 1,40,000 as gift on his marriage.
(vi) Received Rs. 80,000 as gift from his NRI friend.
(vii) Another gift of Rs. 18,000 was received from his friend.

Answer 1

Income from other sources includes incomes received from sources other than salary, capital gains, property sales, business or from any professional services.

Therefore, income from other sources in the question includes all incomes as listed from i - vii.

total amount is Rs. 4,93,000.