Deemed Income

Tax Glossary Definition

Deemed Income

Deemed Income refers to income that is not actually received by a taxpayer in cash or kind but is treated as taxable income under the provisions of the Income Tax Act.
The law presumes such income to have arisen to the taxpayer due to certain transactions, benefits, or unidentified sources.

Example

A person receives a gift of ₹75,000 from a non-relative:
 Entire amount is treated as deemed income
 Taxable under the head Income from Other Sources

(Exceptions apply for gifts received on marriage, from relatives, etc.)

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