Cash received from grand father

In last financial year, i hava received 1,50,000 Cash from my Grand father Which i deposited in my bank account at one go. 

Plus also i have recevied few cheque paymenst from his bank account to my own bank account.  

Near about OCT 14 , 1 Cheque - 1 lakh, 1 cheque - 1 lakh ( Out of these two lakh i have given him back 90000 through online transaction from my account to his bank account).

Than

Near abou Feb 14

I received 2 cheques of 2 lakhs from his bank account. 

All these payment i have received in finanacial year 14-15. 

I haven't made any income from these amount received. However lost 2,90,000 in APRIL 2015 in Banknifty futures trading .

Do i have to pay tax on amount recieved from Grand father in above case scenerio. 

If anybody can guide me that will be helpful 

Thanks