The maximum amount of gratuity exempt and the maximum amount of leave encashment exempt under the Act respectively are :

CS Executive · Tax Laws and Practice · PYQS · June 2018
The maximum amount of gratuity exempt and the maximum amount of leave encashment exempt under the Act respectively are :
(A) ₹2,50,000 in each case
(B) ₹10,00,000 and ₹3,00,000
(C) ₹5,00,000 and ₹2,50,000
(D) None of the above

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax

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