The Machinery's Handbook is pretty amazing when it comes to this sort of thing. Go to pg2067 and that's the section on backlash. Depending on whether your spur gears are coarse or fine pitch the tolerance and "recommended or proper" amounts are shown. These are Table 1 (pg2068) and Table 3 (pg2072).
You may have to convert your module ($m$) to diametral pitch (inches) ($P$):
$P = \dfrac{25.4}{m}$
Your centre distance is of course: $\dfrac{mN_1}{2} + \dfrac{mN_2}{2} = \dfrac{(0.4)(24)}{2} + \dfrac{(0.4)(120)}{2} = 28.8 \text{ mm}$
Also your module is quite small! You must be dealing with tiny gears - if not then I'd double check your calculations.