The gratuity amount you get is taxable. However, the tax is deducted over and above the exempt limit. In a welcome move for long-serving private employees, the Union Cabinet has doubled the approved ceiling limit for gratuity payouts from Rs 10 lakhs to Rs 20 lakhs. This amendment means you can get a tax benefit up to the cap of Rs 20 lakhs at the time of leaving your company after completing five years or more or at the time of retiring.
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