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Talk to your HR or raise a ticket with this query internally to get clarity.
It's not governed by Indian labour laws , but by internal policies.
Refusing disbursement of variable pay is also used as a pathetic employee retention measure by some.
Read the fine print in your employee exit policies , you may already have an answer to this in black and white somewhere.
I remember a guy who was very cheesed off with not getting his variable and annual bonus because he was serving the notice period. You know what he did ?
1) Retracted his resignation to become eligible
2) Received the money
3) Resubmitted the resignation
4) Paid off the notice period to some extent
5) Joined his new job as per offers date
Ofcourse he did his profit and loss calculations before doing that. There was some loss and some obvious friction , but the guy hacked the policy.
Within days it became a trend in the company.
In 6 months , the company gave up and changed the policy to simply not play this dirty tactic.
It had upset their hiring plans and caused a year long backlog in recruitments causing more attrition due to overworked employees.
I'm not saying do this , just saying it can be done.