(II) ‘No’ Income tax is chargeable on the gifts, ‘exceeding in aggregate value’ of rupees 50,000 (fifty thousands) in a financial year [*As per section 56 (vi)] These are as belows :-

1. Received from the relatives [*Section 56 (2) (vi)(a)].
2. Received on the occasion of the marriage from any person by wife and husband [(both) ‘separately’ *Section 56 (2) (vi) (b)].
3. Received by way of will/inheritance [*Section 56(2) (vi) (c)].
4. Received in contemplation of death [*Section 56(2) (vi) (d)].
5. Received from local authority [*Section 56(2) (vi) (e)].
6. Received from any fund/foundation/university/other educational institution / hospital / other medical institution/trust/institution [*Section 56(2) (vi) (f)].
7. Received from any trust/institution, registered under Section 12 A [*Section 56 (2) (vi)(g)].

(III) ‘Definition’ of ‘relatives is (also) including the followings:-

1. Spouse of the individual (wife/husband).
2. Brothers/sisters of the individual.
3. Brothers/sisters of the spouse of the individua(Brother-in-Law and sister-in-Law).
4. Brothers/sisters of ‘ither’ of the parent of the individual (Bua, Chacha, Mama, Mausi).
5. Lineal ascendant/descendant of the individual (Grand father/mother, son/daughter and grand son/daughter).
6. Lineal ascendant/descendant of the spouse of Individual (Grand father/mother-in-Law and
   father/mother-in-Law).
7. Spouse of the person referred to in para (a) to (f).[Fufa, Chachi, Mami, Mausa].

Other ‘relevant’ clarrifications are as belows :-

1. Deduction under section 80-C is allowable, against the gifts treated as income (*Section 56 (2) (v) & (vi)].
2. ‘Cash gifts’ from the employer are taxable (Under the head income from salary).
3. In ‘kind gifts’ from the employer are (also) taxable as perquisite (Under the head income from salary).
4. ‘Cash gifts’ received by minor, are to be clubbed in the hands of father/mother [As case may be, *section 64 (1A)].
5. Exemption ‘upto’ rupees 1500 (One thousand five hundreds) is available to the father/mother [As case may be, *section 10 (32)].
6. ‘No’ exemption on the ‘cash gifts’ received, from the ‘relatives’ of a HUF. Henceforth this exemption is (only) restricted to the individuals.
7. ‘No’ exemption on the ‘cash gifts’, received, from the cousin brothers/sisters. Henceforth this exemption is (only) restricted to the brothers/sisters.
8. ‘No’ exemption on the ‘cash gifts’ received, from the brothers/sisters of the relatives. Henceforth this exemption is (only) restricted to the ‘imediate’ relatives.
9. Exemption on the ‘cash gifts’ received, from the‘non’-relatives on the occasion of marriage.
10. Exemption on the ‘cash gifts’ received, from the‘non’-relatives by way of will/inheritance.
11. Exemption on the ‘cash gifts’ received, from the‘non’-relatives, in contemplation of death.
12. Exemption on the ‘gifts in kind’ is (also) available.‘in kinds’ includes the followings :-
    (la) House property (lb) Jwellery (lc) Securities (Shares and debentures etc) (ld) Motor vehicle.
13. Exemption on the ‘cash gifts’ received, from the‘non’-relatives, ‘before’ Sep. 1st, 2004. ‘without’ any monetary limit.
14. Exemption on the ‘cash gifts’ received, from the‘non’-relatives ‘not’ exceeding 25 (Twenty five) thousands, ‘per person’ ‘per financial year’ ‘without’ any limit on number of persons during the period commencing from 01.09.2004 to 31.03.2006. [Section 56 (2)(v)]. Henceforth
    ‘condition’ of aggregate in value of 50 (fifty) thousands was ‘not’ applicable, during 01.09.2004 to 31.03.2006.
15. ‘Cash gifts’ exceeding rupees 50 (fifty) thousands are chargeable to tax under the head ‘Income from other sources’ [*Section 56 (2) (vi)]. Moreover‘entire’ amount is chargeable to tax.