Can VRS exemption benefit be taken on accrual basis?

In my view , yes you can claim benefits when you make available all the taxable and non taxable income in the return 

I am giving summary of the case study of a
Employee of BSNL, whom got VRS last year, and total VRS compensation compuated 10 lacs but he received only 3 lacs in last year and 7 lacs received in current financial year.

so what he should do in below options,

1. calculate tax on received amount 3 lacs and take exemption for 3 lacs under 10(10c) and pay tax on 7 lacs in next assessment year.

2. calculate tax on full 10 lacs and take exemption for 5 lacs under 10(10c) in current assessment year.

3.calculate tax on 5 lacs and exemption under 10(10c) for 5 lacs and calculate tax for remaining 5 lacs in next year.