Amendment of section 56.

13. In section 56 of the Income-tax Act, in sub-section (2), after clause (iv), the following clause shall be inserted at the end, with effect from the 1st day of April, 2005, namely:—

        ‘(v )  where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004, the whole 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.                      

                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).’.