look news india
Tax free income: Everyone wants to save tax on their hard-earned money. People also adopt many measures for this. But, there is some income on which tax does not have to be paid. You do not even need to do anything in this. You just have to know that this income does not come under the purview of tax.
inherited property
If you inherit any property, jewellery or cash from your parents, you will not have to pay any tax. If there is a will in your name, you will not have to pay tax on the amount you receive from it. However, you will have to pay tax on the income from any property you own.
wedding gift
You do not have to pay any tax on any gift received from friends or relatives on your wedding. But, you should receive this gift at the time of your wedding only. It is not that your wedding is today and you receive a gift after six months, then there will be no tax on it. Even if the value of the gift is more than Rs 50,000, tax will be levied.
Profit earned from a partnership firm
If you are a partner in a company and you get any amount as profit, then you will not have to pay tax on that as well. Actually, your partnership firm has already paid tax on this amount. However, this exemption is only on the profits of the firm. If you get salary from the firm, then you will have to pay tax on that.
Life insurance claim or maturity amount
If you have bought a life insurance policy, the claim or maturity amount is completely tax free. However, the condition is that the annual premium of the policy should not exceed 10 percent of its sum assured. If this amount is more than this, then tax will be levied on the additional amount. In some cases, this exemption can be up to 15 percent.
Returns from shares or equity MFs
If you have invested in shares or equity mutual funds, then a return of Rs 1 lakh on selling them is tax free. This return is calculated under Long Term Capital Gain (LTCG). However, LTCG tax is levied on returns above this.