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Income from royalties

Tax queries 568 views 3 replies

Income from Royalties will be taxed under Income from Other Sources. We can claim general expenses incurred exclusively for the same u/s 57 of the Income Tax Act.

Suppose, I receive royalty of 20% of value(sale price) of books, since we can claim a deduction u/s 80 QQB of 15% of the sale price of the books before claiming such expense. Can I claim the expense u/s 57 and avail decuction u/s 80 QQB as well? Isn't there any double decuction of the expenses I incurred?

Replies (3)

 

Where a deduction for any previous year has been claimed and allowed in respect of any income referred to in this section, no deduction in respect of such income shall be allowed under any other provision of this Act in any assessment year.

So I feel that other expenses will not be allowed.

I am sorry sir, but I believe you are wrong, there shall be deduction of 15% of sale value.
It is one of the conditions for deductions under section 80QQB

You are right, sorry!


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