By Admin 
Tax Free Income: Employed people, people doing business and people earning money in any way file income tax returns every year. In this time, most of the people try to save tax by any means. For this, different types of investments and deductions are also taken into account. But very few people know that the Income Tax Act also includes some incomes on which the government does not collect any tax.
So here we tell you 10 such sources of income from which you will earn and you will not get tax on them. However, for this you will have to follow some conditions.
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scholarship
Scholarships received from the government or from any private institution for studies are also completely tax free. This exemption from the government is for students of all ages.
farming income
In India, there is no tax of any kind on the income earned from farming i.e. agricultural land. This includes income from selling crops, rent for fertile land for farming and any kind of income related to farming.
gratuity
Gratuity received by government employees after retirement is also completely tax free. However, this is not the case for private sector employees, they can get some relaxation on gratuity up to Rs 20 lakh.
leave encasement
The leave encashment received by government employees at the time of retirement is also completely tax free. However, in this also private employees can get a maximum rebate of up to Rs 25 lakh.
On maturity of LIC policy
If you have taken a LIC policy and it has matured, then you will not be charged any tax on withdrawing it. However, for this also you will have to follow some conditions, if those conditions are fulfilled then no tax will be levied.
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Amount received from HUF
If a Hindu Undivided Family has already paid tax on its income, then the amount received by its members is not taxed again. We can also see it as joint family system, this is for the family which takes care of its ancestral property together.
Share of profits from partnership firm or LLP
If you are a partner in a firm or you have received profits through LLP, then there will be no tax on that also. Because the firm has already paid tax on that income. However, tax has to be paid on salary, commission or interest.
interest from certain investments
If you invest in any scheme like Sukanya Samriddhi Yojana, PPF, some tax-free bonds and interest from NRI account can be tax free. For this it is necessary to follow the related rules.
In withdrawing PF
If you are withdrawing PF amount then it is also tax free. If you have been employed through a recognized institution for five consecutive years, then no tax will be charged on your PF withdrawal. However, if you have not completed five years in the same institution then you may be taxed.
Gifts and inheritance from relatives
If you receive a wedding gift from a close relative or friend or inherit property, there is no tax on it. However, the condition is that the value of any gift received from non-relatives should not exceed Rs 50 thousand. If the price goes above this, it will come under the ambit of tax.