Anil retired from XYZ Ltd. after 28 years of service and received a gratuity of Rs.12 lakh. His last drawn salary (basic + DA) was Rs. 1,00,000 per month. If Anil is not covered by the Payment of Gratuity Act, 1972, the exemption under sec 10(10) in respect of gratuity is:
1
Rs. 20,00,000
2
Rs. 12,00,000
3
Rs. 16,15,385
4
Rs. 14,00,000