Dear Tax experts
I joined a company in 1992 and was laid of in 2013, after 21 year of service at the age of 53 years. I received a gratuity and the tax exemption was for 10 lacs as per the tax rule at that time. Now, I have started working again.
Given that we are talking about gratuity and I am not retired yet and gratuity is a type of retirement benefit. Is there a provision to claim tax exemption as per the current IT provision of 20 lacs for the gratuity received in 2013 ? Note that gratuity is once in a life time kind of retirement benefit and I am not retired yet.
Please advise - Thanks - Ignesius
CAclubindia
