Any gift received by employer is a Perquisite- a benefit that an employee receives from his employer other than salary or wages. 


Any gift or voucher which is less than or equal to Rs. 5000 in the aggregate during a financial year is not considered as income and is not taxable.


However, the exemption of Rs.5,000 is applicable only in respect of non-monetary gift. 


Visit here for more information:

http://www.incometaxindia.gov.in/Tutorials/perquisites-Theory.pdf