Tax Consultation (US and India)
2970 Points
Joined September 2011
As per S.56(2)(vii) , gift received from relatives is not taxable.
Relative have been defined in the explanation and your case is covered in the coloured text.
[Its exempt in your hand but do prefer a gift deed.]
"relative" means,—
(i) in case of an individual—
(A) spouse of the individual;
(B) brother or sister of the individual;
(C) brother or sister of the spouse of the individual;
(D) brother or sister of either of the parents of the individual;
(E) any lineal ascendant or descendant of the individual;
(F) any lineal ascendant or descendant of the spouse of the individual;
(G) spouse of the person referred to in items (B) to (F);