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.
CMA Ramesh Krishnan
(Expert)
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
CMA Arif Farooqui
(Expert)
21 June 2010
agreed,
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