Gifts up to what value by an employer to an employee in a financial year shall NOT be treated as supply?

1. Schedule I para 2 covers supplies between related persons; employer-employee are deemed related (Explanation to Sec 15). 2. Proviso carves out gifts not exceeding Rs 50,000 in a financial year from the deemed-supply treatment. 3. Gifts above Rs 50,000 in aggregate in a FY are taxable as supply. _Source: ICAI BoS CA Final Paper 8, Ch 3 "Levy and Collection of Tax", §Sched I para 2 proviso_