one of my client received gratuity from LIC of India. The gratuity amount of Rs.188000/- is exempt from income tax or not. he is LIC agent from the last 30 years. he is received gratuity for the F.Y.2009-2010 for rendering 30 years of service as a LIC agent. please give suggestion from the above.
2 Replies
kapil kumar agrawal
(Chartered Accountant )
(169 Points)
Replied 11 July 2010
| Originally posted by : chaitanya | ||
 |
one of my client received gratuity from LIC of India. The gratuity amount of Rs.188000/- is exempt from income tax or not. he is LIC agent from the last 30 years. he is received gratuity for the F.Y.2009-2010 for rendering 30 years of service as a LIC agent. please give suggestion from the above. |
 |
kapil kumar agrawal
(Chartered Accountant )
(169 Points)
Replied 11 July 2010
| Originally posted by : chaitanya | ||
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Dear Friend,
Gratuity Received by Govvt. Employee is fully exempt from tax..... and LIC is a govt company so there is no taxability of Gratuity amount....
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