Income Tax New Rules: now tax exception for these income, details here

Nowadays most people earn in multiple ways, so in such a situation it is important to know on which income you have to pay income tax and which not.

Income Tax Free: You don’t have to pay tax on every type of income. The government exempts income from certain sources from income tax. Income Tax New Rules: now tax exception for these income, details here. Because, nowadays most people earn in multiple ways, so in such a situation it is important to know on which income you have to pay income tax and which not.

Today we will talk about non-taxable income. Non-taxable income is income on which you do not have to pay tax. You can exclude income from certain sources when you calculate your income tax liability. There are many sources of non-tax revenue in India. Being non-taxable will help you manage your finances better and reduce your tax burden.

Income Tax New Rules: now tax exception for these income, details here
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If you inherit any wealth, jewellery or money from your parents, you don’t have to pay any tax. If there is a will in your name, you don’t have to pay tax on the proceeds. However, you will have to pay tax on the income you earn from any property you own. If you have a life insurance policy, the money you get when the policy matures is not taxable.

This means you don’t have to pay any tax on it. However, the annual premium (the amount you pay every year for the policy) cannot exceed 10% of the sum assured (the price of the policy). If it is more, you will have to pay tax on the excess amount. According to the Income Tax Act, gifts received from blood relatives such as property, jewellery or money is not taxable.

Income Tax New Rules: now tax exception for these income, details here
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Gifts received from non-relatives are tax-free only up to Rs 50,000. Property inherited or gifts from a Hindu Undivided Family (HUF) are also tax free. If you earn money from farming or related activities on your agricultural land, this income is tax free. This includes income from purchase and sale of agricultural land.

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Gratuity is not subject to income tax. It is the amount given to employees as retirement or death benefit. This gratuity is completely tax free for government employees. For private sector employees, gratuity up to Rs 10 lakh is tax free.

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According to Section 10(15) of the Income Tax Act, Sukanya Samriddhi Yojana, Local Authority and Infrastructure Bonds and Gold Deposit Bonds are not chargeable to income tax.

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