Your company policy allows accepting gifts from customer within certain limit. Your customer is giving you a gift which is beyond limit of your?

I think if its beyond my limit and company limit, instead of refusing it right away, i should inform my senior manager and ask for his or her assitance , maybe he could provide some option not to accept it by not refusing it. 

You should strictly follow what is your company policy and say about compliance and do's and Don't. If company allowed you to accept gift with certain limit, still you better to take advice from compliance committee or legal advisor of company or Hr

i will explain the company policy to the customer. try to sort out this matter firstly at my end. hope, it will be sorted out. because gifting process means the space of understanding has developed already between both to communicate easily.

Do not accept the gift. It goes against company policy. Do not expect the company to change policy for one employee. Policies are there or a reason and this one will protect you as well as the company.

As per our company policy, we are allowed to accept gifts from customers within a specified value limit

It's better to clear the customer that the gift cannot be accepted due to company defined SOP. However, need to thanks for think about and care as well

Its advisable not to accept gifts so that there is no obligation to return back. However you can in turn send birthday and anniversary greetings to the customer to create a delight and small gits on occassions.

Refuse it in a positive manner 

Ask my customer to read the company's policy.

contact your company  senior management  and ask for assistance

Yes a i am agreed with this concept to become cordial with them.