Gifts

          Taxable as per Section 56(2)(vii)(c). But there are certain exceptions they are:

- any sum of money or any property received

(a) from any relative; or

  (b) on the occasion of the marriage of the individual; or

  (c) under a will or by way of inheritance; or

  (d) in contemplation of death of the payer or donor, as the case may be; or

  (e) from any local authority as defined in the Explanation to clause (20) of section 10; or

  (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

  (g) from any trust or institution registered under section 12AA.

That will depend upon your total income. e.g. you have received a gift, say jewellery worth 1,00,000/- and you have no other income then your total income is 1,00,000/- which is below the maximum limit of income not chargeable to tax (basic exemption). hence no tax is payable.

If you got Car (value say 500000) and AC ( value say 24000) as gift during FY2014-15 and have no other income then your total income is 5,24,000/-. You have to pay Rs.35,844/- towards IT including cess.