How the gifts are taxed in India? |Section 56(2)(x)|Other sources income|

Where any person receives, in any previous year, from any person or persons on or after the 1st day of April 2017,—
(a) any sum of money, without consideration, the aggregate value of which exceeding Rs. 50,000, the whole of the aggregate value of such sum;

(b) any immovable property,—
(A) without consideration, the stamp duty value of which exceeding Rs. 50,000, the stamp duty value of such property;
(B) for a consideration, the stamp duty value of a such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:—
(i) the amount of exceeding Rs. 50,000; and
(ii) the amount equal to 10% of the consideration;

(c) any property, other than immovable property,—
(A) without consideration, the aggregate fair market value of which exceeding Rs. 50,000, the whole of the aggregate fair market value of such property;
(B) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50,000, the aggregate fair market value of such property as exceeds such consideration.

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