<s>[INST] Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? [/INST] If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):

Sum of money received without consideration.
The aggregate value of such sum of money received during the year exceeds Rs. 50,000.
(*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax. ​ </s>