Are you planning to save on income tax? It's crucial for you to know that there are certain types of income on which the government doesn't levy any tax.

In other words, these incomes are tax-free. From agricultural income to wedding gifts, several sources of income are exempt from taxation. Here's a look at 6 types of income you don't have to pay taxes on.

Tax-Free Income Sources

Tax season is upon us again, and many people are looking for ways to save on taxes by investing in different schemes. But did you know that some incomes are completely tax-free? If not, here are 6 income sources on which the government doesn't impose any tax.

1. Property Inherited by Will

If you inherit property, jewelry, wealth, or cash from your parents, there's no tax liability on these assets. Inheritances from parents are completely tax-exempt.

2. Wedding Gifts

Weddings often bring expensive gifts, and while these gifts can be of high value, they are tax-free. However, there's a condition: the gift must be received around the time of the wedding. If the value of the gift exceeds ₹50,000, you may be required to pay tax.

3. Life Insurance Policy Claim

Life insurance is commonly purchased, and any claims made or the maturity amount received from it are completely tax-free. However, for the amount to remain tax-free, the annual premium must not exceed 10% of the sum assured. In some cases, exemptions can go up to 15%.

4. Shares or Equity Mutual Funds

Investors in the stock market or equity mutual funds may be pleased to know that the returns of up to ₹1 lakh from these investments are tax-free. This is calculated through long-term capital gains.