Gift

1. Any amount received by relatives is not taxable at all.

2. Upto Rs 50,000/year is not taxable (The first major rule which every person should know is that there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received (not additional). For example – If a friend of yours gifts you Rs 30,000 in a given year, you don’t have to pay any tax on that amount, as its below the limit of Rs 50,000 .Now suppose you also get Rs 20,000 after that, still you don’t have to pay the tax as the total worth of the gift you got in the year was Rs 50,000 till now (less than the limit of Rs 50,000) . But now, if someone gifts you another Rs 10,000 . Your total gifts in a year is Rs 60,000, so you will have to pay tax on the total amount of Rs 60,000 , not just on additional Rs 10,000 . This Rs 60,000 will be included in your income and you will have to pay tax on this Rs 60,000, as per your tax slab. Note that this is exactly how the written law is).

3. Any amount received as Wedding Gift is not taxable.

4. No tax on the amount received through WILL or Inheritance.

Total sum received from all donors in aggregate in excess of Rs50000 is fully taxable. It is not like exemption limit applicable per transaction. 

Suppose my taxable Salary for FY 14-15 is 15,00,000. I gift 2 lacs to my mother. Will my taxable income become 13 lacs?

no, it won't become 13 lacs.. it will remain 15 lacs...Gifts are not charged in the hands of receipient but there is no section in Income tax which will allow you to take deduction of paid gift to relative out of your taxable income..infact you have to consider clubbing the income which the receipient is going to earn from your money...