Income Tax: According to the rules of income tax, if someone’s income is more than 2.5 lakh rupees. Then he will have to pay tax. People invest in schemes like NPS, PPF, EPF so that they have to pay a minimum tax of their share. In all these schemes, taxpayers get more discounts in return for investment. But apart from this, there are many other legal ways through which taxpayers can save their money. Let’s know such methods
Balwant Jain, a Mumbai-based tax and investment expert, says, “If a person gives a gift up to Rs 50,000 in a financial year, then he will get an exemption. Apart from this, there is some exemption under Income Tax Rules 1961 on profit, partnership share, ancestral property, graduation, and education scholarship.
1- Marriage gift – Tax and investment expert Jitendra Solanki says, ‘If you get a gift for marriage, it will be 100% tax free. But this gift should be received on the date around the wedding. Or proof should be given to prove that it is a marriage gift. Apart from this, tax exemption is available up to a gift of Rs 50 thousand.
2- Profit earned from the partnership firm: Balwant Jain says that the profit earned from the partnership firm is also completely tax free because the company has already paid tax.
3- Education Scholarship: Balwant Jain says that education scholarship from India or abroad is also completely tax free.
4- Ancestral Property: The property inherited from one’s ancestors is also completely tax-free.
5- Gratuity: Gratuity received up to Rs 20 lakh is also 100% tax free.
Apart from this, agriculture is also completely tax free.