Taxability on gifts, rewards and rewards given to Sportsperson / Olympic Participants

In India, gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouse and siblings are also exempted from tax. Other than specified before are taxable. Tax on gifts falls under the purview of Income Tax Act as there is no specific rule for tax on gifts are provided.

source https://www.caclubindia.com/articles/taxability-on-gifts-rewards-and-rewards-given-to-sportsperson-olympic-participants-45891.asp