Section 10 in The Taxation Laws (Amendment) Act, 2006
10. Amendment of section 56.- In section 56 of the Income- tax Act, in sub- section (2),-
(a)in clause (v),-(i) after the words, letters and figures" after the 1st day of September, 2004 ", the words, letters and figures" but before the 1st day of April, 2006 " shall be inserted with effect from the 1st day of April, 2006 ;(ii)in the proviso, after clause (d), the following clauses shall be inserted, namely:-" (e) from any local authority as defined in the Explanation to clause (20) of section 10; or(f)from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or(g)from any trust or institution registered under section 12AA.";(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-(a)from any relative; or(b)on the occasion of the marriage of the individual; or(c)under a will or by way of inheritance; or(d)in contemplation of death of the payer; or(e)from any local authority as defined in the Explanation to clause (20) of section 10; or(f)from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or(g)from any trust or institution registered under section 12AA.Explanation.- For the purposes of this clause," relative" means-(i)spouse of the individual;(ii)brother or sister of the individual;(iii)brother or sister of the spouse of the individual;(iv)brother or sister of either of the parents of the individual;(v)any lineal ascendant or descendant of the individual;(vi)any lineal ascendant or descendant of the spouse of the individual;(vii)spouse of the person referred to in clauses (ii) to (vi).".
