Are gifts received from cousin brothers on Bhai Dooj taxable?

Gifts received from maternal or paternal cousins during Bhai Dooj are not automatically tax-exempt. If the aggregate value of gifts received from all non-relatives exceeds ₹50,000 in a financial year, the entire amount becomes taxable under the head "Income from Other Sources". The exemption applies to specified relatives under the Income Tax Act, including parents, siblings and spouse.