It is most important to receive a compliment graciously. Often people are too modest when receiving a compliment. However, rejecting a compliment is also rude because you are basically questioning the judgment of the person who gave the compliment.
If you receive a compliment, simply say, “Thank you”.
If you receive a compliment for something others have also contributed to, be sure to acknowledge their input.
Never accept a compliment for something you have not done.