TAX FREE INCOME
FOLLOWING ARE THE TAX FREE INCOME SOURCES
- Agriculture Income: Income from any kind of farming is tax-free (subject to such exclusions) such as processing & selling of agricultural crops from agriculture land
- Profit from Partnership Firm: Share of Profit received by partners from the Firm is tax free
- Share of Profit from HUF: The income of HUF is taxableso share of profit received from HUF is Tax Free
- Gift:Any gift received from any relative is totally tax-free. The gift may be in the form of money, jewellery, property, vehicle or any means. But in the case of non-relatives maximum Rs. 50,000/- as a gift can be received. More than this is taxable. Any gift received at the time of marriage from either relatives or nonrelatives is tax-free.