Here's another version:
"For it is by grace that you have been saved, through faith. This does not depend on anything you have achieved, it is the free gift of God; and because it is not earned no one can boast about it." (Ephesians 2:8-9)It = subject, pronoun: referent faith.
Receiving Christ involves turning to God from self (a spirit of repentance) and trusting Christ to come into our lives to forgive us of our sins and make us what he wants us to be. Just to agree intellectually that Jesus Christ is the Son of God and that he died on the cross for our sins is not enough. Nor is it enough to have an emotional experience. We receive Jesus Christ by faith, as an act of our will.
is = linking verb
the gift = subject complement, noun phrase
of God = prepositional phrase