Section 10(b) in The Taxation Laws (Amendment) Act, 2006
(b)after clause (v) and the Explanation, the following shall be inserted with effect from the 1st day of April, 2007 , namely:-(vi)where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 , the whole of the aggregate value of such sum: Provided that this clause shall not apply to any sum of money received-
