Income tax on gratuity rs.867000/-received in aug 2011
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
I received Gratity amt of Rs.867000/- on Reteirement in Aug. 2011.
1) Is it Taxable or exempted fully?
2) IT Notification No. 41/2010 dt. 11.06.2010 says that Grauity is payable upto Rs. 10.00 lacs. But does not include the wirds "Gratuity amt is exempted upto Rs. 10 lacs"
Please guide and discuss
1) Is it Taxable or exempted fully?
2) IT Notification No. 41/2010 dt. 11.06.2010 says that Grauity is payable upto Rs. 10.00 lacs. But does not include the wirds "Gratuity amt is exempted upto Rs. 10 lacs"
Please guide and discuss
28 March 2012
There is no such limit prescribed u/s 10(10). It gives reference of section 4 of "Payment of gratuity Act". The limit under that act is increased, hence, automatically exemption limit is increased in income tax to rs. 10 lakhs.
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