Many people think that they have to pay tax to the government on every kind of income. But this is not so. There are some sources of income on which no tax is levied. However, you will be able to save tax on these only when you have complete knowledge of the rules. In such a situation, we are telling you on which kind of income no tax is to be paid.
New Delhi. Everyone wants to save tax on their hard earned money. For this, people also adopt various measures. But, there are some incomes on which tax is not payable. You do not have to do anything in this. You just need to know that this income does not come under the purview of tax.
Wealth received through inheritance or will
If you get any wealth, jewellery or cash as inheritance from your parents, then you do not have to pay any tax. If there is a will in your name, then you do not have to pay tax on the amount received through it. However, you will have to pay tax on the income from whatever property you have.
Gift received at the wedding
You do not have to pay any tax on any gift you get from friends or relatives at the wedding. But, you must have received this gift around the time of the wedding. It is not that your wedding is today and you get the gift after six months, then there will be no tax on it. If the value of the gift is more than 50 thousand rupees, then also tax will be levied.
Profit received from partnership firm
If you are a partner in a company and you get any amount as share of profit, then you will not have to pay tax on that too. Actually, your partnership firm has already paid tax on this amount. However, this exemption is only on the profit 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, then 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 it is more than this, then tax will be levied on the additional amount. In some cases, this exemption can be up to 15 percent.
Return received from shares or equity MF
If you have invested in shares or equity mutual funds, then the 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.
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