Tax on Leave Encashment amount after resign

veenit (team lead) (38 Points)

21 July 2010  

Dear Sir/Madam,

 I have receved the Amount for leave encashment  47771(31 days) from my previous employer after I resigned from the job.

Just wanted to know is this amount eligible from total taxable income.If yes then under which section of income tax rules.

Please clarify.