section 2A (Sub section 2) it is mentioned that (2) where an employee (not being an employee employed in a seasonal establishment) is not in continuous service within the meaning of clause (1), for any period of one year or six months, he shall be deemed to be in continuous service under the employer -

(a) for the said period of one year, if the employee during the period of twelve calendar months preceding the date with reference to which calculation is to be made, has actually worked under the employer for not less than - i) one hundred and ninety days, in the case of an employee employed below the ground in a mine or in an establishment which works for less than six days in a week and (ii) two hundred and forty days, in any other case;

2) 

you will be eligible for Gratuity after completing 5 year of services (4 years and 240 days) as per the gratuity act 

Section 4(2) of the Payment of Gratuity Act. The section spells out the condition on the eligibility of an employee for gratuity in the event of him not completing the full five year period.

So, if an employee completes 4 years and 6 months of continuous service in the same establishment, he is eligible to get gratuity as per the Payment of Gratuity Act 1972.

There is also a judgment by the Madras High Court which says that there is the eligibility for the gratuity of an employee who completes 4 years and 240 days of service. 

Minimum 5 years continuous service is required to be eligible for gratuity payment.

Your total continuous service period falls short by 116 days ( min 240 days in one year minus 124 days served ).  It is counted backwards for each preceeding twelve month or six month as the case may be, from the date with reference to which the said period is counted.

So you shall not be eligible for gratuity.

I afraid that your interpretation is not correct. The period of 1 year or 6 months is in context with clause 1 of Section 2A as regards for dealing with continuous service of an employee as defined therein. Furthermore, as per the Payment of Gratuity Act, 1972 the gratuity is payable to a permanent employee who has completed 5 years of regular service with the organization. However, there are court rulings wherein an employee is deemed to have completed 5 years if he has completed 240 days of service in the 5th year. You stake of claiming gratuity after rendering 4 years and 122 days is not covered under the said Gratuity Act.

4 years 10 months and 11 days will make you eligible for gratuity