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Gift deed

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(Querist)
30 November 2011 dear experts

suppose i give gift of Rs. ONE LAC to my brother's wife, I Made gift deed on stamp paper of 100 Rs. but the gift deed is not affidavited or notarised,

will IT department accept it or not
is affidavit compulsory for gift deed

pls reply

thanking you
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
30 November 2011 It is not necessary to get notarised the gift deed. Only thing, which may be told to prove is the genuineness of the transaction. You must have shown the gift correctly in both the returns.
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