What is a good gift to give to a female boss that just gave you a
Versace tie? Budget for item is $50.

If you want to respond in kind, a nice silk scarf would be the
feminine equivalent. They come in endless colors and patterns and you
should easily be able to find one from any number of famous name
designers.

As a side note, since I have no idea what your working relationship
with this person is:
Giving someone in the workplace an item of clothing is sometimes
viewed as slightly inappropriate, depending on the workplace
environment. If you have any concern about this, you may not want to
respond in kind. In that case, I suggest a nice gift basket of gourmet
foods. It's a very nice gift, but not perceived as quite so intimate
as clothing.

- Hammer

Great answer, took the suggester's advice on the gift basket.