Exempt income

The various items of income referred to in the different clauses of sec 10 are excluded from the

total income of an assessee. These incomes are known as exempted income. Such as:-

i) All Agricultural Incomes of India are free from Income tax U/S 10(1)

ii) Any amount received by a member from HUF U/S 10(2) . 

iii) Share of profit received by a partner from Firm is not taxable in hands of partner. U/S 10(2A) 

iv) Capital gain on transfer of US 64 Bond U/S 10(33)