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Income Tax rebate on Leave Encashment

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(Querist)
14 June 2010 Dear Sir/Madam,
I have changed my job in FY 2009-10 and got amount on leave encashment.
Will i get any tax rebate on the leave encashment amount or it should be added to taxable salary.Please clarify If I can claim any rebate on the same.

Thanks in advance.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 June 2010 Leave encashment suject to the following limits is exemption( sec.10(10AA)(ii)

1. Actual Leave encahsement
2.Rs.300000
3.10 x average monthly salary
4.Period of earned leave x avg. monthly salary

lower of above is exempted
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
21 June 2010 agreed,
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