How are gifts taxed in India? | Tax on gifted shares, gold and property

Income Tax Income from Capital Gains
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  1. Can I give gifts to my Nephews ( Sisters’ sons) ?
  2. One nephew is an Indian citizen, another is a Singapore citizen and a third is an Australian citizen?
  3. What are the tax implications for my nephews and for me?
  4. Do I have to take permission from RBI or any of the authorities and it so, what is the procedure?