Gallantry awards are conferred to recognize acts of exceptional bravery, courage, and sacrifice.
The Param Vir Chakra is the highest military decoration awarded in India for displaying the most conspicuous bravery or self-sacrifice in the presence of the enemy.
The order of wartime gallantry awards is:
\[
\text{Param Vir Chakra} >
\text{Maha Vir Chakra} >
\text{Vir Chakra}
\]
The Ashoka Chakra is India's highest peacetime gallantry award and is awarded for bravery away from the battlefield.
Since the question asks for the highest gallantry award of India, the correct answer is
\[
\boxed{\text{Param Vir Chakra}}
\]
Therefore,
\[
\boxed{(A)}
\]
is the correct option.