Is crypto received as a gift taxable?

Recipients of a VDA gift - including an NFT - are liable to pay tax on the value of their gift, at a flat rate of 30%. However, there are a couple of exceptions to this rule:

i) If the gift amount is under Rs. 50,000 (in a single financial year, not per gift), then this would be tax free.

ii) Gifts to families are tax free. Gifts received from parents or from siblings and so on are exempted from tax. Similarly, gifts received as a wedding gift or via a will or inheritance are also exempted from Income Tax - irrespective of the amount.