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Incomes Exempt From Tax
Incomes Exempt From Tax
Incomes Exempt From Tax
MRAGNA GUPTA
The following incomes are absolutely exempt from tax under section 10 as they do not form part of total income
Any sum received by an individual, as a member of HUF. either out of income of the family or out of income of estate belonging to the family is exempt from tax. The tax exemption is based upon the principal of avoidance of double taxation. Income of HUF is taxable.
Share of profit received by partners from a firm is not taxable in the hands of partners.
Interest to non-resident(Sec.10(4),(4B))
The following interest incomes are exempt from tax. In the case of non resident interest on bonds or securities notified by a central govt. Incase of a person resident outside India income from interest on money standing to credit in a non resident account in India