Query on gift received

Yes.

As per Sub-section(24) of section 2 of income tax...... "income" includes—

Following sub-clause (xiia) shall be inserted after sub-clause (xii) of clause (24) of section 2 by the Finance Act, 2018, w.e.f. 1-4-2019 :

(xiia)  the fair market value of inventory referred to in clause (via) of section 28;

(xiii)  any sum referred to in clause (v) of sub-section (2) of section 56;

(xiv)  any sum referred to in clause (vi) of sub-section (2) of section 56;

(xv)  any sum of money or value of property referred to in clause (vii) or clause (viia) of sub-section (2) of section 56;

(xvi)  any consideration received for issue of shares as exceeds the fair market value of the shares referred to in clause (viib) of sub-section (2) of section 56;

(xvii)  any sum of money referred to in clause (ix) of sub-section (2) of section 56;

[(xviia)  any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;]

Following sub-clause (xviib) shall be inserted after sub-clause (xviia) of clause (24) of section 2 by the Finance Act, 2018, w.e.f. 1-4-2019 :

(xviib)  any compensation or other payment referred to in clause (xi) of sub-section (2) of section 56.

Whereas provisions in section 56,  specify its taxability, ie. exempt if  received from specific  'relatives' as defined in the section.

Gifts are taxable as income however if they are from relative then they are exempt.