Tax Free Income: There is no tax on these earnings, check updates before filing ITR

Tax Free Income: Everyone wants to save tax on their hard-earned money. For this, people also take many types of measures. But, there are some incomes on which tax is not payable. You don’t have to do anything in this. You just need to know that this earning does not come under the purview of tax.

inherited property

If you have inherited any property, jewelery or cash from your parents, you will 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 from it. However, you have to pay tax on the income you earn from any property you own.

wedding gift

You will not have to pay any tax on any gifts you receive from friends or relatives at your wedding. But, you should have received this gift around your wedding. It is not that your marriage is today and if you receive a gift after six months, there will be no tax on it. Tax will be applicable even if the value of the gift is more than Rs 50,000.

Profit received from partnership firm

If you are a partner in a company and you get any amount as profit share, then you will not have to pay tax on that also. 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 company then you will have to pay that tax.

Life insurance claim or maturity amount

If you have purchased 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 it exceeds this amount, the excess amount will be taxed. In some cases this discount can be up to 15 percent.

Returns received from share or equity MF

If you have invested in shares or equity mutual funds, then the return of Rs 1 lakh received on selling them is tax free. This return is calculated under Long Term Capital Gain (LTCG). However, returns above this amount are subject to LTCG tax.