What is the ruling on accepting a Bible as a gift and keeping it, and how should it be disposed of if it is not permissible to keep it?

The layman is not permitted to acquire or read books of other religions. Rather, he must burn them to protect himself and his family. He is also not permitted to accept them as gifts. The Hanbalis and Shafi'is have explicitly stated the impermissibility of looking into them.

As for the specialized student of knowledge who is engaged in refuting them and demonstrating their distortions, he is permitted to acquire and look into them if he is qualified to do so.