Gift from relatives

If taken such gift from the relatives according to the income tax act then you will get the exemption of same other wise it will be taxable in your hands under the head of income from other sources as well as at the time of repayment then such relative may get exemption based on the relative defination according to the income tax act otherwise such amount also taxable in the heands of such relative at the time of payment of such amount by you. As well as there is repayable agreement/condition then if any income arises from such gift also deemed to be income in the hands of such relative.  Some problems and questions will araise. 

                  My suggestion is eventhoug you consider it as gift is also public amount so better to take it as interest free loan. However you taking loan from the relative so AO may consider and allow no interest payment.  But first  agree with the agreement on stamp paper as interest free loan on the date of taking such loan it is because of just for evidence to the no interest payment or receipt for future arisable problems if any.

                                  Howeve you may wait for some others suggestions.

OM SAI SRI SAI JAI JAIS AI

I agree with Dintakurthi. If the intention is to repay then why not do it legally. the provisions of gift- expemption may not apply to all ur relatives. Its better to treat it as unsecured interest free loan. You wont face any issues then.

thanks dintakurthi and bhavi.

i will treat it as a loan.Although the person from whom i will take loan is covered under the definition of relatives.Nevertheless i will treat it as a loan.

I agree with Dintakurti ji..

To the best of my knowledge, It is better to prepare a gift deed so that ur sister can transfer such amount to ur designated bank. And the interest income from such fund should be liable to tax not the principal fund. Also FCRA Act will not apply to u bcoz "if ur sister is a citizen of india and transfering the fund through a normal banking process.". So, there is no upper  limit.