What is Gift -
'Gift' is defined under section 122 of the Transfer of Property Act 1882, "Gift" is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor to another called the donor, and accepted by or on behalf of the donee.
Acceptance, when to be made-Such acceptance, must be made during the lifetime of the donor and while he is still capable of giving. If the donee dies before acceptance, the gift is void.
When gift may be suspended or revoked
According to Section 126 of the Transfer of Property Act 1882, the donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be.
A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
Save as aforesaid, a gift cannot be revoked.
Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice.
(a) A gives a field to B, reserving to himself, with B's assent, the right to take back the field in case B and his descendants die before A. B dies without descendants in A's lifetime. A may take back the field.
(b) A gives a lakh of rupees to B, reserving to himself, with B's assent, the right to take back at pleasure Rs. 10,000 out of the lakh. The gift holds goods as to Rs. 90,000, but is void as to Rs. 10,000, which continue to belong to A.