Is gratuity is taxable on sealing of Rs. 10,00,000/-
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Answer / Chandra Prakash
Gratuity payment up to Rs. 20 lakhs is exempt from income tax as per section 10(10) of the Income Tax Act, 1961. Gratuity exceeding Rs. 20 lakhs is also eligible for exemption but it is subjected to tax at the rate of 54%. Thus, the gratuity amount of Rs. 10,00,000/- in this case would be tax-free.
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