1)By virtue of Section 56(2), any sum of money exceeding Rs. 50000 received without consideration by an individual or an HUF from any person is chargeable to tax as income under “other sources” subject to some exclusions
2) The recipient is not required to pay income tax if the money or property is received from a relative or under certain specified circumstances such as on the occasion of marriage or under a will or by way of inheritance, or in contemplation of death of payer etc. This rule applies irrespective of the value of the gift.
3) Here, relative is defined to mean spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, lineal ascendant or descendant, l .lineal ascendant or descendant of the spouse and spouse of the aforementioned persons.
4) you dont have to pay income tax