I have resigned from my company and received Gratuity on 4th June 2020, does it have tax liability? Do I have to show while filing the ITR next year ie for FY20-21?
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Tax on Gratuity
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At present exemption limit of income tax liability in gratuity is Rs. 20 lakh.
In FY 2020-21, if an individual receives gratuity, then maximum tax-exempt gratuity will be Rs 20 lakh in his/her lifetime for non-government employees. For those who are not covered under the Payment of Gratuity Act 1975, the MAXIMUM limit is still Rs. 10 lakhs.
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