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Alot depends on the industry and job nature..but normally, 20% increment is the max you should ask for. I don't think the HR guidelines of companies will allow more than that, unless they have no internal integrity for their current staff, or they are super desperate, or you are underpaid in...
Just to add 1 more point to the correct info by Kuntakinte...it is an offence for your boss to reject your resignation. He MUST release you after 14th Oct 2008.