Gift made to the blood relations mentioned by you are not subject to gift tax in the hands of donor as well as donee. Therefore money received by you is not taxable in your hands. However, since your father has sold the property, capital gains tax may be payable by him and needs to be calculated on the basis of cost of acquisition, date of purchase and after applying inflation index if it was held for more than three years. He can save capital gains by investing the amount in capital gains saving bonds. However, since he is giving part of it to you, your brother and your sister, he may not be able to invest the full capital gain and may end up paying some tax.
If you purchase a house in joint name of yourself and your father and the money is paid to the seller, partially from the sale proceeds of the house property directly, without giving it to you, there is a chance that some capital gains tax may be saved.
