Gift tax

As per S.56(2)(vii) , gift received from relatives is not taxable.

Relative have been defined in the explanation and your case is covered in the coloured text.

[Its exempt in your hand but do prefer a gift deed.]

"relative" means,—

 (i) in case of an individual—

(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 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 items (B) to (F);

YES , it is exempt in your hand .

agree with above

thanks & regards