In your situation, gifts received for more than 50000 rs will be taxable in the hands of receiver. It can be in any form. Since he/she is a minor, if gifts received is more than 50K it will be clubbed with his/her parents income.
It will not be taxable at all if you receive the gift from your relative. Relatives means,
Your and your spouse’s brothers and sisters
Brothers and sisters of your parents
Your lineal descendants (including spouses)
Lineal descendants (including spouses) of your spouse