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If you are receiving gifts from relatives or friends from the NRIs. You are not obliged to pay any taxes under section 56 of the Income Tax Act 1961. These are not in the hands of parents or yours. If your parents decide to invest the money you received as a gift, you will need to pay taxes under the Income Tax Act, and it will be regarded as a taxable gift.
According to section (3) of the Gift Tax Act abolished in India in 1998. You don't have to pay any tax on gifts you received from relatives on the occasion of marriages, will, or death of honor all are tax-free.
There is no restriction on gifts received by an NRI under FEMA on but it has some limits, like foreign currency bank transfers, gifts received during their current financial year, and Rupee gifts are not permitted. Gifts from equity instruments are repatriable, and the jewelry or painting assets have no restrictions.
The income that you receive in India is generally subject to tax. Apart from the gifts which are more than worth 50,000, you have to pay tax upon them, whether it is sent by your relatives, or NRI friends.
If you are gifting an immovable property and the amount is lower than 1$ million annually, then securities gifts should not be than 5% of the company's capital, and additionally. You have to Cash gifts, which are capped at INR 2 lakh.
If you are receiving a gift from the NRIs ' residents or relatives, then you don't need to pay taxes up to 50,000 INR if the income is increased above 50,000. Then you are obliged to pay tax as per the Income Tax category, income from other sources. Also, if the gifts given at the time of marriage or any occasional event, then you are extemp from tax in India.
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