Feb. 9, 2021, 1:33 p.m.
A Particular Income Which is not included in Total tax liability is called an Income Tax Exemption. In general Section 10 of Income Tax Act covers all the exemptions. Whereas, Section 54 Covers Exemption for Capital Gains arising on transfer of Residential House.
Some Examples of Income Tax Exemptions are : House Rent Allowance,Leave Travel Allowance,Long Term Capital Gain on Equity fund.
A Particular Income Which is not included in Total tax liability is called an Income Tax Exemption. In general Section 10 of Income Tax Act covers all the exemptions. Whereas, Section 54 Covers Exemption for Capital Gains arising on transfer of Residential House.
Some Examples of Income Tax Exemptions are : House Rent Allowance,Leave Travel Allowance,Long Term Capital Gain on Equity fund.