Is gift tax paid gift in cash income under the it act?

cucko (Accountant) (54 Points)

23 October 2012  

In order not to lay claim to share in residential property, other heirs are prepared to give me cash at municipal circle rate thereof as a gift together with a gift deed after paying requisite gift tax. Would this gift in cash be treated as income for taxable purposes under the Income Tax Act? If so, then what other option do I have to avoid/reduce Income Tax on the same?