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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.
If you receive a gift from friends or relatives on the auspicious occasion of marriage, under a will, or on the death of any donor. These are considered tax-free gifts by the NRIs.
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.
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If you get cash of more than 50,000/- INR from the NRI, or receive a gift worth more than 50,000/- INR, or buy shares, jewelry, drawings, and paintings or more than 50,000/- FMV (Fair Market Value), in all these condition if you receive a gift from an NRI then you are liable to paay taxes in India.