Gifts

YES. IT IS EXEMPT. 

In the context of law any gift received from a relative is exempt from law. For your info read the definition of relative as below :

relative” means—

       (i)  spouse of the individual;

      (ii)  brother or sister of the individual;

     (iii)  brother or sister of the spouse of the individual;

     (iv)  brother or sister of either of the parents of the individual;

      (v)  any lineal ascendant or descendant of the individual;

     (vi)  any lineal ascendant or descendant of the spouse of the individual;

    (vii)  spouse of the person referred to in clauses (ii) to (vi);]