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Salary retirement benefit
My client is an employee of govt undertaking which is converted into private sector in 1998 now he retires and receive gratuity, lta l, commuted pension what should be the tax treatment
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Summary: For your client:
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Gratuity: Exempt up to a statutory limit (up to ₹25 lakhs if covered by the Gratuity Act), with the excess being taxable.
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Commuted Pension: Since they are receiving gratuity, they are entitled to an exemption of 1/3rd of the total commuted pension value.
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LTA: Only the actual travel expenses incurred within India for authorized journeys are tax-exempt, provided they are not opting for the New Tax Regime.
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