Query on Gratuity amount payment

least of the following is exempt :-

1. Gratuity received

2. Monetary  limit of Rs. 10,00,000

3. Half - month's salary for every year of completed service.

in this case, plz specify salary information.

Regards

Piyush Tanwar

Article Assistant at Tiwari & Associates, Karol Bagh, New Delhi

Email - imcoolpiyush.tanwar @ gmail.com

Mobile No. 09717468521

1)okay, so as per you if the gratuity amount is Rs 12 lakhs so it is liable for taxation.Right?

2)Also, how much amount would be taxable.Rs 12 lakhs or Rs 2lakhs(i.e above 10 lakhs)?

3)Is it like no gratuity or zero gratuity is applicable to an employee if amount exceeds 10 lakhs??

not as per u , it is as per income tax act 1961. ok 

or  taxable gratuity will be 2,00,000 . and maximum exemption of gratuity depends upon last drawn salary if he covered under gartuity act .

and if he is not covered under payment of gratuity act  then avg. 10 month salary .

Taxable gratuity will be Rs. 2,00,000.

Maximum exemption is Rs. 10,00,000 under gratuity Act , 1972.

Regards

Piyush Tanwar

Article Assistant at Tiwari & Associates, Karol Bagh, New Delhi

Email - imcoolpiyush.tanwar @ gmail.com

Mobile - 09717468521

Supoose a employee basic salary is 61647 Rs and he is not take DA

Gratituty Recived - 1849410

Exemption Amount

Actual Recived- 1849410

Max. 1000000

Half month salary 61647*15/26*26= 924709

So taxfree  amount is 924709