"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 donee and accepted by or on
behalf of the donee. Such acceptance must be made during the life time of the donor and while he is still capable of giving. If the donee dies before acceptance, the gift is void.
Essentials:
(1) There must be a transfer of ownership.
(2) The subject matter of gift must be a certain existing movable or immovable property.
(3) The transfer must me made voluntarily.
(4) It must be done without consideration.
(5) There must be acceptance by or on behalf of the donee, and such acceptance must be made during the lifetime of the donor and while he is capable of giving.
The essence of a gift is that it is a gratuitous transfer.
According to Section 123, a gift of immovable property must be made by a registered instrument signed by or on behalf of the donor and attested by at least two witnesses. A gift of movable property may be made by a registered instrument or by delivery of property.
Revocation of gift: A revocable gift is one which may be revoked by the donor at any time. It is to be noted that a gift cannot be revoked at the will and pleasure of the grantor. If the revocation of gift depends upon the mere will or pleasure of the donor, then such a gift is void. But on the other hand, if the condition is one which does not depend on the will or pleasure of the donor, the gift can be revoked on the happening of such condition.
Example
(a) A gives a field to B, reserving to himself, with B 's assent, the rights to take back the field in case B and his descendents die before A, B dies without descendents during 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 at leisure 10,000 rupees out of one lakh. The gift holds goods as to 90,000 rupees but is void as to 10,000 rupees which continues to belong to A.
Case Study
(1)It was held by the Privy Council, that while registration is a necessary solemnity for the enforcement of a gift of immovable property, it does not suspend the gift until registration actually takes place, when the instrument of gift has been handed over by the donor to the donee and accepted by him, the former has done everything in his power to complete the donation and to make it effective and if it is presented by a person having necessary interest within the prescribed period the Registrar must register it. Neither death nor the express revocation by the donor, is a ground for refusing registration, provided other conditions are complied with . (Kalyan Sundaram Pillai vs. Karuppa Mopanar AIR 1927 PC 421)
(2)Delay in registration of a gift does not postpone its operation Section 123, Transler of Property Act, 1882 merely requires that donor should have signed the deed of gift. Hence a gift deed can be registered even if the donor does not agree to its registration. (Kalyas Sandarum Pillai Karuppa Mopanar AIR 1927 PC 42); (Venkats Rana Reddy Pilian Raina Reddy AIR 1973 Mad. 282).
