Exempt income > 5000

Gurukul 187
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In the latest IT amendment it has been said that if you have exempt income > 5000 then you need to submit ITR2 instead of ITR1.

Now what all are the incomes that falls under the category of exempted income for a salaried person (except dividend)

Please advice.

it-amendment salaried-person exempt-income itr-2 income-tax-return
1 Answers

Some of the others exempted income example can be following:

  • Interest income
  • Dividend income
  • Long-term capital gains on which Securities Transaction Tax is paid
  • Net Agricultural income
  • EPF/Gratuity withdrawal
  • Leave encashment amount
  • Gift from relatives and upto Rs 50K from non-relatives
  • Others, (including exempt income of minor child)
Pankaj Batra5212

But those are not exempted income under the head salaries. I want to know what will be the exempt incomes for a salaried person?

Gurukul•

EPF, Gratuity and Leave encashment are applicable for salaried person. Children education allowance, Conveyance allowance, House rent allowance, Leave travel allowance, uniform allowance, and perquisites can be other such exempted income.

Pankaj Batra•
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