For sure it's a taxable income for you. Person from USA who sending the money should also explain that money somehow, so somebody should pay taxes on this and how you describe that it will be you. How much you can ask at your local accountant but as far as I know around 30% on that, correct ? Somebody fix me if needed;)
Posts made by Fizz7
RE: Money transfer from USA to India : Tax Implications
RE: How to get rich fast? 10 Personal Finance Tips
Just don't spend most of your money on things which you don't need. Like Iphones, Macbooks, expensive cars etc. Spend on these only when you start earning some serious money in your life. Don't spend it on tobacco, drinks and drugs - you will get used to it and it will cost much more to heal in future. I think you missed that!