A gift or inheritance exceeding 50,000 rupees will be taxed. This includes transfers made on movable property such as shares or bonds as well as immovable property such as house or land. The monetary value of the gift is determined on the date of transfer, that is the day the gift is given.
While filing your ITR, mention the gifts you received as ‘Income from Other Sources’. However, gifts given by Resident Indian relatives or NRI relatives, those received as rewards and scholarships from educational institutions are exempted from this tax.