If gift was recieved for any apecial occasion from anyone..then it is not taxable...otherwise if the (cash)gift is recieved in any other time from other than relatives and if the amount exceeds Rs.50000..it is taxable..
19 May 2008
as stated by sri vinod, pl. show details in ITR.nothing else SHOULD bother you. hope you have checked for exemptions available for gifts under sec 56. R.V.RAO