Gift under Transfer OF Property Act

 Gift under Transfer of property Act

Section 122 to section 129 talks about the concept of gift under Transfer of property act 1882

Concept of gift

The one who gives the gift is known as donor well the one who receives the gift is known as Donee .

Here, the donor can gift any movable or immovable property.For example ,in case of movable property a person can gift car and in case of immovable property a person can gift A house.The essential of this concept is that thr Donee does not have to give any consideration to the donor while receiving any such property.Transfer of any movable or immovable property out of affection and voluntary act , The act should not be influenced, forced.

Section 122 clearly mentions about existing movable or immovable property which means the property which can be gifted should be present and it cannot be dependent on a future or upcoming property..

In the case of Phulchand v. Lakhu The gift was made under influence and this was not valid

There should be no consideration from donee  to the donor.

Acceptance of gift

When the gift is being given both the donor and donee should be alive or living. The donor should be alive while giving the gift and the donee should be alive while receiving the gift. The donor should be of sound mind while giving the gift but the donee can receive gift even if it is a mentally retarded person.

Important- if the donee dies before acceptance, the gift is void.

Section 123 - transfer how affected

Section 123 talks about how is gift transferred ,

In case of immovable property

There should be a registered instrument duly signed by the donor or somebody on behalf of the donor along with attested by minimum two witnesses.

In case of movable property

There is no compulsion that it needs to be registered, it can just be delivered to the Person who is receiving it.

Such delivery may be made in the same way as goods sold may be delivered.

Caselaw - 

Kalyana Sundaram v. Krupa Moopanar

It was held that The gift becomes valid as soon as the Donee accepts it.

 

Section 124 

This section speaks about a valid and void gift.

Any gift which is existing would be valid while gift of future property would be void..

If a transaction is having both existing and future property then the existing property would be considered valid while the future property would be considered void.

Section 125

If a gift is made to 2 or more persons in this case people who accepts the gift would account as valid while for those who didn’t accept the gift it would be considered void.

Section 126- revocation of suspension of a gift.

If there is a agreement between the donor and the donee that during the occurrence of a specific event The transaction of gift can be suspended or revoked and such transaction is not dependent on the will of the donor. In such case a gift can be suspended or revoked.