Hi @I_AM_CONFUSED ,
Stipend can be classified either as salary income or scholarship. Incase it falls under the head ‘Income from Salary ’ - it will be taxable even if TDS is not deducted by the employer.
Read this article for further explanation regarding stipend:
https://learn.quicko.com/stipend-income-taxable-in-india#6-stipend-is-taxable-under-which-head-of-income
Some additional deductions available are:
- Medical insurance under section 80D - Rs. 25,000 (and additional 25,000 incase of premium paid for senior citizen parents)
- Donation to specified institutions under section 80G
- Contribution to NPS - Rs. 50,000 under section 80CCD(1B)
See this post regarding deductions available:
https://qna.tax/t/read-about-the-ways-to-save-taxes/3610
Further, you can compare your tax liability under old and new regime. And opt for regime in which your tax outgo is lower. There are some calculators available online where you can compare this tax calculation.
This is incorrect. Section 56 relates to taxation of gifts received. There is no deduction available for gifts given to relatives.