5.Treatment of gift money[sec.2(24)(xiii) and sec.

56(2)(vi)
Where any sum of money/property(movable or immovable),the aggregate value of which exceeds Rs.50000 is received without consideration by an individual or HUF from any person on or after 1/4/10,the whole of such sum shall be deemed as income of the previous year in which it is received. This clause does not apply under certain conditions

Gifts which are not treated as incomes: The sum received by an individual from a relative. The sum received on marriage of an individual The sum received under a will or by way of inheritance Any sum received in cotempalation of death of the payer Any number of gift or gifts received during the year provided the aggregate amount of all gifts does not exceed rs.50000 Any sum received against consideration

Gift in kind-treatment(section 56) With effect from 1/10/09 the value of any property received without consideration or inadequate consideration will also be included in the computation of total income of the recipient. such property will include land or building or both , shares, securities etc. Movable property Immovable property 6.Income from letting of plant, machinery, or furniture 7. Income from letting of plant , machinery or furniture with building 8.Any sum received under key man insurance policy 9.Interest received on compensation or enhanced compensation