Taxibility of residential house/plot

Please refer section 54 of Income Tax Act for Exemption / Liability and for Indexation purpose refer case law of Manjula J. Shah

and for gift transction from parents tax will not be attracted

Whether it is a Residential House or not?

For this question, I would recommend you to take a close to the Conveyance Deed (Registry) of the sale of the House. In general, it is always mentioned therein that the property which is being sold was it an agricultural land or residential property, what are its specifications. That might help.

It is mentioned as Plot in Gift Deed

In this regard, to claim exemption from capital gain the status at the time of sale is considered not the status at the time when the property was received.

What are the exemptions available?

Section 54: Old Asset - Residential Property; New Asset - Residential Property

Section 54EC: Old Asset - Any Asset; New Asset - Specified Bonds