what is the maximum limit of Gratuity amount and on that can any income tax get attracted as working in PSUs

The period of service in a PSU is 38 years. Is there any maximum limit on Gratuity and is it taxable?
4th September 2019 From India, Mumbai

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nathrao

3180

Tax-free limit of Gratuity is presently as follows:

"Income Tax Exemption for Gratuity under Section 10(10)(iii) of the Income Tax Act has been enhanced to Rs 20 lakh. Beyond Rs 20 lakh, the amount will be taxable."
5th September 2019 From India, Pune

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