Tax benifit on gift received from relatives

Hello,

Thats true that gift received up to the FMV of Rs. 50000.00 is tax free in hands of recipient u/s 56(2)(vii) of income tax act and also the same is not treated as transfer u/s 2(47) of IT Act in hands of person making such gift.

In the given case the gifts received from  relatives are surely exempt without any limit for purpose of IT Act viz. from Mausi of urs to u but in the either case when u gift a value to ur Mausi mama Chacha etc. the same is very much taxable under the above said law. 

Thanks.