Gifts received from Parents are exempt from Tax. You can read about Gifts & taxes in detail here How are GIFTS Taxed? – The clearTax Blog
Do note however that any income that you, as an adult child, earn on such Gifts has to be included in your Income. For example, if your parents gift you fixed deposits – the interest income is included in your income. Similarly, a House Property gifted to you shall be chargeable to tax in your hands.
So if the gift transferred to you earns an income – you must add it to your total income and pay tax on it. You are required to file an Income Tax Return if your total income is more than Rs 2,50,000 in financial year 2014-15.
It is advisable to declare large Gifts (which are from relatives and not taxable) in your Income Tax Return under Exempt Income.