Gifts taxation: receipts after specified date treated as taxable income when they exceed a prescribed monetary threshold. The amendment to section 56(2) taxes specified gratuitous and undervalued receipts received on or after 1 April 2017 by treating whole sums, the stamp duty value of immovable property, or the aggregate fair market value of other property as the recipient's income where aggregate value or the excess over consideration exceeds a prescribed monetary threshold, subject to exemptions (relatives, marriage, will, inheritance, specified institutions and trusts) and valuation procedures including referral to a Valuation Officer and application of relevant provisions of section 50C and section 155.