A gift is a transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person called the donor, to another person called the donee. There are certain conditions to make a valid gift. Here we will see Essentials of a Valid Gift.
Meaning and Definition of Gift
A gift is a transfer of movable or immovable property voluntarily and without consideration.
Sir Salmond defines a Gift, As per Salmond " A gift is a voluntary transfer of property from one person to another made without consideration".
In other words, when the owner of the property voluntarily transfers the ownership and possession of it to another person, not for any price but simply out of goodness or affection, then it is called a gift.
Section 122 of the Transfer of Property Act 1882 defines a Gift, As per said Section, “Gift” is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. The gift of movable property can become complete only when there is the delivery of possession.
Essentials of a Valid Gift -
1) Parties are 'donor' & 'donee'
2) Voluntary transfer
3) Without consideration
4) Acceptance by the donee or any Other on has
5) Gift is a transfer of ownership in a property
6) The property may be movable or Immovable
7) The transfer must be made voluntary and Without consideration
8) The property must be accepted by the donee or by any person on their behalf of him.
9) The transfer must be effected In a manner prescribed by law.
10) The consent of both the donor and the donee must be free.
A gift is a transfer of some existing moveable or immovable property made voluntarily and without consideration. Generally, gifts are free from all obligations and can be used by the donee at his/her discretion.