Doubt on gifts taxable under income from other sources

Dear Sir/Madam,

QUESTION: Mr. XYZ(aged 40)  recives following gifts in current privious year:-

         1)Cash gift from friend A rs.32000, friend B rs.16000.

         2)500 Shares of PQR ltd from a nonrelative market value of these shares (fair value of 500 shares is rs.58900)

Find taxable value of giifts recieved taxable under the head income from other sources.

 My doubt is,

                      (i) should we take value of gifts in agreegate (ie. 32000+16000+58900) and compare non taxable limit of morethan 50000 and tax 108900.

                                                                                                     or

                      (ii) should we take the bifurcation of cash gift and moveable gift, then compare cash gift to 50000 limit  and for moveable gift compare fair value u to 50000 limit again?

Hope, you have undersatnd what im asking.