Yes, under the Indian Income Tax Act, gifts received from specified relatives are exempt from tax, regardless of the amount. This exemption is outlined in Section 56(2)(x) of the Income Tax Act, 1961.

The term ‘relative’ includes:

1. Spouse of the individual​

2. Brother or sister of the individual​

3. Brother or sister of the spouse of the individual​

4. Brother or sister of either of the parents of the individual​

5. Any lineal ascendant or descendant of the individual​

6. Any lineal ascendant or descendant of the spouse of the individual​

7. Spouse of the persons referred to in points 2 to 6