India has laid down tax laws for transactions involving Virtual Digital Assets (VDAs), including cryptocurrencies. This affects individuals, businesses, and exchanges.
VDAs refer to digital representations generated through cryptographic means. If you receive crypto gifts worth more than Rs 50,000, it will be taxed as 'income from other sources' at regular slab rates.
Gifts from relatives are tax-exempt, but if from non-relatives, they're taxable at a 30% rate. Gifts on special occasions, like Diwali, are exempt only if exchanged between specified relatives according to the Income Tax Act.