Gift taxation: unsolicited monetary gifts above the prescribed threshold to individuals or HUFs treated as taxable income with limited exemptions. The amendment inserts a new taxable gifts clause to section 56 treating as income any aggregate sum of money received without consideration by an individual or HUF above a prescribed threshold in a previous year, subject to enumerated exemptions including gifts from defined relatives, on marriage, under a will or by inheritance, in contemplation of death, and receipts from local authorities, recognised charitable/educational/medical institutions and registered trusts.