Income Tax Act

Official PDF pages 611–615

SOURCE PDF PAGE 611
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
29.   Any income, by way
of contributions re -
ceived   from   a   de -
pository.
Any Investor Protec -
tion Fund set up as
per the regulations by
a depository.
( a )   Such fund is notified
by the Central Govern -
ment; and
( b )   where   any   amount
standing to the credit
of the Fund and not
charged to income-tax
during any tax year is
shared, either wholly
or in part with a depos -
itory, the whole of the
amount so shared shall
be deemed to be the
income of the tax year
in which such amount
is so shared and shall,
accordingly, be charge -
able to income-tax.
30.   ( a )   Any   income
by way of con -
tribution   re -
ceived   from
specified   per -
sons;
( b )   any income by
way of penal -
ties   imposed
by the recog -
nised clearing
c o r p o r a t i o n
and   credited
to   the Core Set -
tle- ment Guar -
antee Fund;
( c )   a n y   i n c o m e
from   invest -
ment made by
the Fund.
Any Core Settlement
Guarantee Fund, set
up   by   a   recognised
clearing corporation.
( a )   Such fund is notified
by the Central Govern -
ment; and
( b )   where   any   amount
standing to the credit
of the Fund and not
charged to income-tax
during any tax year is
shared, either wholly
or   in   part   with   the
specified person, the
whole of the amount so
shared shall be deemed
to be the income of the
tax year in which such
amount is so shared
and shall, according -
ly,   be   chargeable   to
income-tax.
31.   Any income charge -
able under the heads
“Income from house
property” and “In -
come   from   other
sources”.
( a )   A registered un -
ion   within   the
meaning of the
Trade   Unions
Act, 1926 (16 of
1926), formed
Nil.

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SOURCE PDF PAGE 612
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
primarily for the
purpose of reg -
ulating   the   re -
lations between
workmen   and
employers or be -
tween workmen
and workmen; or
( b )   an   association
of registered un -
ions referred to
in clause ( a ).
32.   Any interest on se -
curities,   and   any
capital gains of the
fund   arising   from
the sale, exchange
or transfer of such
securities.
Provident   Fund   to
which the Provident
Funds Act, 1925 (19 of
1925) applies.
Such securities are held by,
or are the property of such
Provident Fund.
33.   Any income of the
nature   and   to   the
extent, arising from
the   international
sporting event held
in India.
Any   person   notified
by   the   Central   Gov -
ernment.
( a )   Such   international
sporting event—
( i )   is   approved   by
the international
body regulating
the international
sport relating to
such event;
( ii )   has participation
by more than two
countries; and
( iii )   is   notified   by
the Central Gov -
ernment for the
purposes of this
clause; and
( b )   nature and extent of
such income is notified
by the Central Govern -
ment.
34.   Any income, of the
nature   and   to   the
extent,   which   the
Central Government
A body or authority
which has been estab -
lished or constituted
Such body or authority—
( a )   is established or con -
stituted or appointed

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SOURCE PDF PAGE 613
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
may notify in this
behalf.
or appointed under a
treaty or an agreement
entered   into   by   the
Central   Government
with two or more coun -
tries or a convention
signed by the Central
Government.
not for the purposes of
profit; and
( b )   is notified by the Cen -
tral Government.
35.   Any amount received
as a loan, either in
lump sum or in in -
stalment, in a trans -
action   of   reverse
mortgage referred to
in section 70(1)( zh ).
Any individual.   Nil .
36.   Any income of the
nature   and   to   the
extent   which   the
Central Government
may,   by   notific-
ation, specify in this
behalf.
A body or authority or
Board or Trust or Com -
mission (by whatever
name called), or a class
thereof,   other   than
those covered under
Schedule VII (Table:
Sl. No. 42).
Such body or authority or
Board or Trust or Commis -
sion—
( a )   has been established or
constituted by or under
a Central Act, State or
Provincial Act, or con -
stituted by the Central
Government or a State
Government, with the
object   of   regulating
or administering any
activity for the benefit
of the general public;
( b )   is not engaged in any
commercial   activity;
and
( c )   is notified by the Cen -
tral Government.
37.   Any income accruing
or arising as a result
of arrangement for
replenishment   of
crude oil stored in
its   storage   facili -
ty in pursuance of
the directions of the
Indian Strategic Petro -
leum   Reserves   Limited,
being a wholly owned
subsidiary of the Oil
Industry Development
Board under the Min -
istry of Petroleum and
Natural Gas.
It   shall   not   apply   to   an
arrangement, if the crude
oil is not replenished in the
storage facility within three
years from the end of the tax
year in which the crude oil
was removed from the stor -
age facility for the first time.

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SOURCE PDF PAGE 614
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
Central Government
in this behalf.
38.   Any   gratuity   com -
puted   as   per   the
provisions of section
19(1)(Table: Sl. No.
3.C)   to   (Table:   Sl.
No. 6.C).
Any widow, children or
dependants on death of
an employee.
Nil.
37 [ 38A.   Disability   Pension
received   (including
service element and
disability   element).
An   individual   who
has been a member of
the armed forces (in -
cluding   paramilitary
forces) of the Union.
( a )   The   individual   has
been invalided out of
service   in the armed
forces on account of
bodily disability attrib -
utable to, or aggravated
by such service; and
( b )   the individual has not
retired on superannua -
tion or otherwise.
38B.   Any interest on com -
pensation   amount
awarded   by   Motor
Accident Claims Tri -
bunal.
An individual or his
legal heir.
Such interest is received un -
der the Motor Vehicles Act,
1988 (59 of 1988).
38C.   Any   income   in   re -
spect of any award
or agreement made
on account of com -
pulsory acquisition
of any land.
An   individual   or   a
Hindu undivided fam -
ily.
Such award or agreement is
made under the provisions
of the Right to Fair Compen -
sation and Transparency in
Land Acquisition, Rehabili -
tation and Resettlement Act,
2013 (30 of 2013), except
under section 46 of the said
Act.
38D.   Any income charge -
able under the head
“Capital gains” aris -
ing from the transfer
of specified capital
asset.
An   individual   or   a
Hindu undivided fam -
ily.
( a )   Such   eligible   person
was the owner of such
specified capital asset as
on the 2nd June, 2014;
( b )   such specified capital
asset is transferred un -
der the Land Pooling
37.   Sl. Nos. 38A to 38D inserted by the Finance Act, 2026, w.e.f.   1-4-2026 .

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SOURCE PDF PAGE 615
Sl.
No.
Income not to be
included in total
income
Eligible persons   Conditions
A   B   C   D
Scheme covered under
the   Andhra   Pradesh
Capital City Land Pool -
ing Scheme (Formula -
tion and Implementa -
tion) Rules, 2015 made
under the provisions
of the Andhra Pradesh
Capital Region Devel -
opment Authority Act,
2014 (Andhra Pradesh
Act 11 of 2014) and the
rules, regulations and
Schemes made under
the said Act; and
( c )   such eligible person was
handed over possession
of reconstituted plot or
land on or before the
31st March, 2031. ]
39.   Any income falling
under section 10( 15 )
( iic )   or   ( 15 )( iv )( i )
or ( 19A ) or ( 40 ) of
the Income-tax Act,
1961(43   of   1961),
shall be subject to
the   conditions   as
provided therein.
Note 1. —For the purposes of Sl. No. 3, the expression “disaster” shall have the same meaning
as assigned to it in section 2( d ) of the Disaster Management Act, 2005 (53 of 2005).
Note 2. —For the purposes of Sl. Nos. 8 and 15, the expression “family” in relation to an
individual, means—
( i )   the spouse and children of the individual; and
( ii )   the parents, brothers and sisters of the individual or any of them, wholly or mainly
dependent on the individual.
Note 3. —For the purposes of Sl. No. 18, the expression “compensation or consideration”
includes the compensation or consideration enhanced or further enhanced by any court,
Tribunal or other authority.
Note 4 .—For the purposes of Sl. No. 20, the expression “Sikkimese” means—
( i )   an individual, whose name is recorded in the register maintained under the Sik -
kim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (herein