For the sender:
The sender is not liable to pay taxes on the gift itself, as the Gift Tax Act has been abolished. Capital gains from transferring assets are generally taxable, but gifts are excluded from this under Section 47 of the Income Tax Act, so no income tax is due on the transaction.

For the receiver:
The receiver is liable to tax under Section 56(2) of the Income Tax Act for gifts of movable property exceeding ₹50,000. This income should be reported under "Income from Other Sources" in the Income Tax Return and taxed at applicable slab rates.

If the gifted asset (shares, ETFs, mutual funds) is sold, the tax depends on the holding period. If sold within 3 years, it’s taxed at normal rates; if held longer, the tax rate may be lower or nil. Gains should be reported on Form ITR-2 when filing the income tax return. Keep records of the asset's cost and any selling costs for accurate gain calculation.