Is a monetary gift received from parents taxable?

Quite often parents or relatives send gifts or cash amount to children during special occasions or festivals. During such times, a very common question would be whether the amount received as a gift has any tax implications. Well, if the amount received as a gift is more than Rs 50,000, then the entire amount received will be taxable. The amount is added to your taxable income and taxed as per your slab. But there are exceptions.