Sravika Reddy Kohir 21 July 2022
What amount of exemption is available under section 10(10) of I T Act ? Date of Retirement: 31 December 2017. Length of service 36 years. Amount of gratuity received : Rs. 26 lakh. Employee not covered under Payment of Gratuity Act. Last 10 months average Basic Salary + DA+ Rs. 130000.
Dr J C Vashista (Advocate) 22 July 2022
Post your facts and query in CA Club if you are seeking obligation of experts otherwise it would be better to consult a local prudent CA.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 22 July 2022
Section 10(2) provides for exemption of income received by a taxpayer in his/ her capacity as a member of the HUF. Hence, any income received by an individual as a member of the HUF is exempt from tax. Here, the income received by the individual must be paid out of the income of the family.
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