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Taxable Income

How much of Leave Encashment on Retirement is exempt?

a) Govt. Employees : wholly exempt.

b) Non-government Employees : Exemption is available in respect of the least of the following :

- Cash equivalent of the leave salary in respect of the period of earned leave to the credit of the employee at the time of retirement but not exceeding 30 days for each year of actual service and also not exceeding for a period of ten months;

- The Amount calculated on the basis of 10 months average salary immediately preceding his retirement;

- Rs. 3,00,000 if date of retirement is on or after 1.4.98;

- Leave encashment actually received.

Source: Income Tax Department

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