Income Types That Are Exempted From Tax

Agricultural Income

[{"selector":"#anim-295ff3f1-6eae-4d7c-ae8b-0bd2e74ceb7a","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Income from farming activities, including produce and livestock, is exempt from income tax in India.

Gifts Received

[{"selector":"#anim-e86f7291-3b68-4c8d-834a-690db1b851d1","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Gifts received from close relatives or on special occasions are generally exempt from income tax, with c ertain limitations.

Life Insurance

[{"selector":"#anim-36defc69-6e65-4e5f-b35b-028e6be78b5c","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Proceeds from life insurance policies are exempt from income tax, providing financial security to beneficiaries.

House Rent

[{"selector":"#anim-47c50564-6028-4f4b-a956-4e7f08438394","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Rent received from a self-occupied house is exempt from income tax, providing tax benefits for homeowners.

Scholarships

[{"selector":"#anim-63a3eb86-7afa-469a-902b-dcead7eb496c","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Scholarships received for educational purposes are exempt from income tax, encouraging academic pursuits.

Gratuity

[{"selector":"#anim-97865669-abcd-41d6-94bb-6a7f071fa050","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Gratuity received upon retirement or resignation is exempt from income tax up to a certain limit, providing financial support during transition.