Income from Gift taxable?

Though the gift will be applicable clubbing provisions will be applicable on the income generated on the gift

here in the first case RS 50000/- GIFTED BY UR BROTHER IS NOT TAXABLE IN UR BHABHI HAND.......

BUT THE INCOME GENERATED WITH RS 50000/-SHALL BE CLUBBED IN UR BRTHER HANDS ....

FOR EX- FIXED DEPOSIT OF RS 50000/-THEN INTT ON F.D SHALL BE TAXABLE IN THE HANDS OF UR BROTHER 

However the income earned by investing the income from the gift will not be clubbed

IN CASE OF GIFT RECEIVED ABOVE 50000,WILL D WHOLE AMOUNT B TAXABLE OR ONLY D EXCESS IF GIFT IN CASH.?

N WAT WILL B D TREATMENT IF FOR EXAMPLE JEWELLERY OF WORTH 1,00,00 IS GIVEN TO A NON RELATIVE FOR 30000.WAT AMOUNT WILL B TAXABLE??

KINDLY HELP
 

Dear Mam,

Where aggregate value of Gifts revceived in a FY exceeds 50k then ENTIRE AMOUNT IS TAXABLE and not only in excess of 50k...

In second case, the difference betwwen FMV & actual consideration becomes taxable u/s 56(2)(vii) i:e Rs. 70,000..