Receiving compliments can be a little tricky. You don't want to appear cocky or full of yourself - "Why YES! I AM fabulous, I'm so glad you noticed!" But it is also pretty rude to refuse the compliment outright- "No! My gourmet cooking that I slaved over for hours was terrible! I'm surprised you could choke it down, let alone say it was delicious!" Nobody believes your false modesty and now you've insulted their judgement.
Here are a few of my favorite go-to compliment responses:
1) "That is very kind of you, thank you!" - This one turns the compliment around, it graciously accepts the compliment while also appreciating the giver. Win-Win.
2) "I appreciate that, but it wouldn't have been possible without..." - This one is particularly handy when you are standing in a group of people who all contributed, but the compliment is directed to you. This allows you to accept the compliment and then share the glory. Win-Win-Win.
3) "You are very generous to say so." - This one is for those totally off the wall, over the top compliments where it would clearly be awkward for you to agree with the compliment because there is just no way that its true - but you don't want to put the giver on the spot by calling out their exaggeration or insincerity.
4) "Well that's the sweetest thing you've ever said to me." - I know this one is a bit kitschy, but when you are keeping the mood light and the humor high, this silly little colloquialism is surprisingly effective.
5) "Thank you." - Sometimes the simplest answer is the best response - and its hard to go wrong with a classic.