I got exemption of leave salary of Rs. 150,000 in PY14-15. This I got retired from XYZ CO. Will the amount of 300,000 be still available for exemption u/s 10(10AA) or it will be reduced??
please guide me in the same
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Leave salary
Replies (2)
No , it will be reduced by the amount you had claimed exemption. i.e. 150000
so you have balance credit to take exemption us Rs.150000
so you have balance credit to take exemption us Rs.150000
Under 10(10AA) -
Specified amount of Rs 3,00,000 is the aggregate amount allowed as exemption irrespective of frequency of leave encashment received by employee by various employers.
If an employee has utilised Rs 2,00,000 already at the time of first resignation, he is only entitled to use balance of Rs 1,00,000 for the exemption computation next time.
Hence, overall employee is allowed total exemption of only Rs 3,00,000 with respect to leave encashed from all employers.
Specified amount of Rs 3,00,000 is the aggregate amount allowed as exemption irrespective of frequency of leave encashment received by employee by various employers.
If an employee has utilised Rs 2,00,000 already at the time of first resignation, he is only entitled to use balance of Rs 1,00,000 for the exemption computation next time.
Hence, overall employee is allowed total exemption of only Rs 3,00,000 with respect to leave encashed from all employers.
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