Can father inlaw gift money to son inlaw after property sale

Kunal (Others) (24 Points)

07 November 2012  

My father in law has sold property and wants to gift that money to us (me/my wife/my sons or sons spouse). Will i be taxable?
Or if he gifts the money to my wife or my sons or son's spouse? will they be taxable?

The will for this property was on my wife's name.

Please advise..