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            <h1>Leave Encashment: Taxable During Employment, Exemptions on Retirement; Govt Employees Fully Exempt, Others Up to Rs. 25L</h1> Leave salary encashment received during employment or at termination is fully taxable. However, upon retirement, superannuation, or resignation, exemptions apply. For Central or State government employees (excluding local authority or statutory corporation employees), leave encashment is fully exempt. Retired employees of PSUs and nationalized banks do not receive full exemptions. For other employees, the exemption is the least of the actual amount received, government-specified amount, Rs. 25,00,000 (post-April 2023), Rs. 3,00,000 (pre-April 2023), 10 months average salary, or average salary multiplied by credited leave (max 30 days/year). Aggregate exemptions cannot exceed Rs. 25,00,000. Legal heirs receiving leave encashment are not taxed.

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