Gift of immovable property becomes fully taxable once its value exceeds the applicable exemption threshold, taxing the entire value. When a gift of immovable property without consideration meets taxation conditions and its aggregate value exceeds the Rs. 50,000 exemption threshold, the entire stamp duty value of the property is includible in the recipient's taxable income. Thus, where the flat's stamp duty value is Rs. 84,000 and taxability conditions are satisfied, the full value is chargeable to tax.