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Monday, January 17, 2022

Apart from NPS, PPF, income earned from these five places will not have to be paid tax, know everything here

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Income from marriage gift is eligible for 100% income tax exemption, provided the gift is received on or adjacent to the date of marriage.

Income Tax

It is necessary to file an Income Tax Return for an individual earning more than Rs 2.50 lakh in a financial year. However, while filing Income Tax Return (ITR), taxpayers are advised to use Income Tax Calculator properly, as Provident Fund (PF), Employees Provident Fund (EPF), Public Provident Fund (PPF) and National Apart from the pension system (NPS), there are other sources of income, where one can take advantage of tax exemption.

According to the Income Tax Act, income from marriage gifts, profit from partnership firm, education scholarship, gratuity and ancestral property is exempt from income tax. That is, no tax will have to be paid on it. But the condition is that these gifts should not exceed Rs 50,000.

Gifts are taxed under the Income Tax Act 1961. If income from marriage gifts, profit from partnership firm, education scholarship and ancestral property exceeds Rs 50,000 in a financial year, then it will be taxable.

>> Marriage Gift

Income from marriage gifts is eligible for 100% income tax exemption, provided the gifts should be received on or near the date of marriage. In case of general gift, a taxpayer is allowed to receive a maximum of Rs 50,000 in a financial year.

>> Profit from Partnership Firm

Profits from partnership firm are completely exempted from any kind of tax, as the company has already paid income tax on it.

>> Education Scholarship

Education scholarship received in India or abroad is 100% tax exempt. That is, no tax would have to be paid on it.

>> Ancestral property

Money inherited by will or inheritance is exempt from the purview of jewelry and property tax. Whether it is received in the form of ancestral property or in a will from someone else. In ancestral property, the Income Tax Act covers only money, jewelry and immovable property inherited from father, grandfather and great-grandfather.

>> Gratuity

Earnings up to Rs 20 lakh from gratuity are tax free. You will not have to pay any tax on receipt of this amount.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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