Gratuity confusion - when gratuity is applicable to me?

Dear All, Any one can help me for gratuity... when gratuity is applicable to me ???
Thank You

Just after completion five years of your continuous service with one employer.

Dear Vikas,
First, the Payment of Gratuity Act, 1972 should be applicable to your establishment.
Second, there should be termination of your employment after your rendering a continuous service of not less than 5 years in the same establishment on account of your resignation or retirement or retrenchment or dismissal of your service by your employer. The minimum service is not required in cases of death. In case of dismissal on account of certain misconducts, your employer is empowered to forfeit your gratuity either fully or partially after issuing a notice.
Third, the amount of Gratuity has to be calculated on the basis of the sum total of basic pay and dearness allowance of the last drawn wages only or the entire sum if the wages are consolidated.
Fourth, the maximum amount of Gratuity is Rs. 20 lakh and it is not taxable.
Fifth, you are entitled to gratuity only for those years in which you have completed 240 days of continuous service during the entire service.

Thanks Rakesh and Umakanthan.
Can you explain me about gratuity with one example ??? As per my understating gratuity is applicable after continue services of 4 years 240 days with one employer. So please share the your knowledge on the same.
Thank You
Vikas Senghani

Mr. Vikas, A high court verdict has made it clear that if the employee has completed 04 year 240 days in an organisation, he is eligible to get gratuity benefit. Even, ID act also considers 240 days presence in a year getting benefit under any provision.
Mr. Umakanthan. M's explanation is reflecting much more to get brief over the subject matter. However, You can refer act handbook for broad knowladge.
Gratuity calculation -
(Basic + DA) X Service Year X 15/26