Income Tax rebate on Leave Encashment
This query is : Resolved
14 June 2010
Dear Sir/Madam,
I have changed my job in FY 2009-10 and got amount on leave encashment.
Will i get any tax rebate on the leave encashment amount or it should be added to taxable salary.Please clarify If I can claim any rebate on the same.
Thanks in advance.
I have changed my job in FY 2009-10 and got amount on leave encashment.
Will i get any tax rebate on the leave encashment amount or it should be added to taxable salary.Please clarify If I can claim any rebate on the same.
Thanks in advance.
14 June 2010
Leave encashment suject to the following limits is exemption( sec.10(10AA)(ii)
1. Actual Leave encahsement
2.Rs.300000
3.10 x average monthly salary
4.Period of earned leave x avg. monthly salary
lower of above is exempted
1. Actual Leave encahsement
2.Rs.300000
3.10 x average monthly salary
4.Period of earned leave x avg. monthly salary
lower of above is exempted
21 June 2010
agreed,
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