Do Olympic medal winners pay taxes on gifts & cash rewards?

Central Board of Direct Taxes clarified in 2014 that cash rewards and gifts by central and state governments to Olympic, Asian Games or Commonwealth medallists are tax-free. As per experts, value of Olympic medals is also not taxable. Cash or gifts from private parties whose aggregate value exceeds ₹50,000 are taxable under 'Income from other sources' category, said an expert.