Gift

ask the gift executor , if he is gifiting or anything else ................

gifting means he has to pay all taxes and duties 1st 

he will show this value as "commission" to you !!

and if gifted its not tax free at all unless its from family members

in such cases of gifts or sccquisition for in adequate consideration exceeding Rs.50000 in each assets class, being defined as follows,

movable propety-{shares,jwellery,drawings,sculptures,paintings, any other work of art}, with respect to(w.r.t) its Fair Market Valuation as on the date of transfer

immovable propety w.r.t its stamp valuation

or Cash,

exceptions to the above are:

"Provided that this clause shall not apply to any sum of money received;
(a) from any relative; or
(b) on the occasion of marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or

For the purpose of this, ‘relative’ means:
(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 the 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 clause (ii) to (vi).

wellin such a case it would be taxable and section 56(2)(vii) shall be attracted

however if it is received on the occasion of your marriage then it shall not be taxable

but then the section has been amended by the FA 2010 to remove 'immovable propety' from its ambit,from the very begging that is retrospectively thus in such a case the same shall not be taxable in your hands

agree with karan kapoor

NOT taxed if u receive on the occassion of ur marriage........

Dear Zakir , the Flat which you received from ur friend as a gift is taxable even if you receive it on the occassion of ur marriage.since you have received it from a person who is other than a family member.