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[ad_1] Gratuity received by individuals is generally tax-free, although the policy may vary depending on the type of employment. Gifts received at weddings are exempted from taxes. In India, the Income Tax Department imposes taxes on various earnings, such as salaries, businesses, capital gains, rent, and more. However, certain sectors enjoy exemptions from income tax. Let’s delve into the six income sources that are not liable for tax payments. Agricultural Income: To support the agricultural sector and farmers, the Government of India has granted tax exemption for income derived from agricultural activities. As per the Income Tax Act of 1961, income earned from agricultural production, rental income from agricultural land, and the sale and processing of crops like grains, pulses, and spices are exempt from taxation. This exemption applies to both individuals and Hindu undivided families (HUFs). Gifts Received: When gifts are given to celebrate weddings, they are exempted from t

[ad_1] Gratuity received by individuals is generally tax-free, although the policy may vary depending on the type of employment. Gifts received at weddings are exempted from taxes. In India, the Income Tax Department imposes taxes on various earnings, such as salaries, businesses, capital gains, rent, and more. However, certain sectors enjoy exemptions from income tax. Let’s delve into the six income sources that are not liable for tax payments. Agricultural Income: To support the agricultural sector and farmers, the Government of India has granted tax exemption for income derived from agricultural activities. As per the Income Tax Act of 1961, income earned from agricultural production, rental income from agricultural land, and the sale and processing of crops like grains, pulses, and spices are exempt from taxation. This exemption applies to both individuals and Hindu undivided families (HUFs). Gifts Received: When gifts are given to celebrate weddings, they are exempted from t