Dear Sir/Madam,
I have receved the Amount for leave encashment 47771(31 days) from my previous employer after I resigned from the job.
Just wanted to know is this amount eligible from total taxable income.If yes then under which section of income tax rules.
Please clarify.
dear veenit
leave salary amount is taxable but u can claim exemption under sec. 10(10AA).after this it will be included in total income.
regards
tarun rustagi
section 10 (10AA) covers retirement and resignation. you can claim exemption upto 300000
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