Know About 5 Tax-Free Income Sources in India to Save on Taxes

Let’s learn about five types of income that are not subject to taxation. 
 

It’s crucial to be aware of income tax saving rules to save on taxes. Here are five types of income that are exempt from taxation. 
 

Inherited property, jewellery, and cash received from parents are generally tax-free. However, rental income generated through inherited property would be taxable. 
 

Gifts received at the time of your wedding are exempt from tax up to a limit. 

The share of dividend received from a partnership is not taxed again at the individual level, as the partnership firm has already paid tax on this amount. 
 

The claim or maturity amount from a life insurance policy is generally tax-free if the annual premium paid is up to 10 percent. Any amount exceeding this limit may be taxable. 
 

Returns up to Rs 1 lakh from selling shares or equity mutual funds are tax free under Long Term Capital Gains.