Income Tax Saving: Are you also planning to save income tax? So it is most important for you to know that there are some earnings on which the government does not charge you any tax, or rather say that this income is tax free. There is no tax on agricultural income to gifts, so let’s know about those 6 earning options on which you do not have to pay any tax.
Income Tax
The days of paying income tax have come again. People today follow many options to save tax, that is why they also invest in many schemes. But do you know that there are some incomes on which no tax is levied? Yes, if you do not know, then we will tell you which are those 6 incomes, which do not come under the purview of tax?
Property by will
If you inherit or are given any kind of jewellery, wealth or cash from your parents, then you do not have to pay any tax on it. Yes, it is believed that there is no tax liability on any kind of inheritance money received from parents.
Wedding gifts
People often get expensive gifts at weddings, these gifts are sometimes of very high prices, but do you know that there is no tax on these gifts. Yes, there is no need to pay any tax on any gift received at a wedding. By the way, let us tell you that you should have received this gift around the time of the wedding. But if the value of the gift is more than 50 thousand rupees, then you may have to pay tax.
Life Insurance Policy Claim
Nowadays people often buy life insurance. If you claim for it or the maturity amount is received, it is completely tax free. However, there are some conditions for it to be tax free. According to this, the annual premium of this policy should not be more than 10 percent of its sum assured. If it is more than that, then also you may have to pay tax. However, in some cases, exemption is available up to 15 percent.
Shares or Equity Mutual Fund
Nowadays people are investing a lot in stock market or equity mutual funds. People consider it safe to make good money. But do you know that on selling them you do not have to pay any tax on the return of Rs 1 lakh. However, its calculation is done through long term capital gain.
Partnership firm
Let us tell you that if you are a partner in a company and you get any amount in the form of share of profit, then you do not have to pay any tax on this amount. That is because the partnership firm itself pays the tax on this amount. But this exemption is available only on the profit of the firm. But if you get salary from the firm, then you will have to pay tax.
Agricultural Income
Farmers sometimes earn huge profits from farming. But do you know that the profit that farmers get from farming is also tax free, yes, according to the Income Tax Act, 1961, the income from agriculture is tax free. So in such a situation, if a farmer earns profit on his crop, then no tax is levied on it.
(Note- The news is based on general information)
