# Miscellaneous IFOS Items
## 1. Advance Money Forfeited [Section 56(2)(ix)]
- If advance money (e.g., earnest deposit on intended sale of a capital asset) is forfeited on or after 1.4.2014 → Taxable under IFOS in the year of forfeiture.
- Such forfeited amount is NOT deducted from COA of the asset in subsequent computation (since already taxed).
- (Forfeitures before 1.4.2014 were deducted from COA at time of eventual sale — old regime.)
## 2. Income from Renting of Plant & Machinery / Furniture
- If not taxable under PGBP (i.e., not the assessee's business) → Taxable under IFOS.
- Composite letting (P&M + Building) that is inseparable → IFOS.
- Deductions allowed (Section 57): Same as PGBP provisions — depreciation, repairs, insurance, etc.
### Computation:
| Particulars | Amount |
|---|---|
| Rent Amount | XX |
| (−) Deduction of Expenses (depreciation, repairs, insurance, etc.) | (XX) |
| Income from Other Sources | XX |
## 3. Salary Income of MP / MLA
- Taxable under IFOS (no employer-employee relationship exists with Parliament/Legislature).
- Daily Allowance and Constituency Allowance → Fully Exempt under Section 10(17).
- Other salary (pay + allowances from Parliament/Assembly) → Taxable under IFOS.