I feel to pay Zakat, but there was a debate from among my Muslim colleagues that Zakat to this amount need be paid only when I receive the money in hand.
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Zakah on possession of wealth
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Zakah is only applicable on ones excess wealth in Shariah if it has been in ones possession for a period of one full calendar year. Since you have not actually received your gratuity, you obviously do not have possession of that portion of your asset.thus you will not be liable to pay zakah on it until you actually receive it and the amount has been in your possession for a period of one full calendar year.
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Your brother and well wisher in Islam,