Understanding the Concept of Gift: Essentials, Deed, and Legal Implications
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Gift: An Overview
1. Introduction
A gift is the voluntary transfer of existing movable or immovable property from one person (the donor) to another (the donee) without any consideration. Gifts can be revoked under certain circumstances.
2. Relevant Provisions
Sections 122 and 123 of the Transfer of Property Act govern the transfer of property through gifts.
3. Definition of Gift
A gift is the voluntary and gratuitous transfer of existing movable or immovable property from a donor to a donee, who accepts the gift or has it accepted on their behalf.
4. Essentials of a Valid Gift
- Parties: Donor and donee
- Subject Matter: Movable or immovable property
- Existing Property: Property must exist at the time of the gift
- Consideration: No consideration should be involved
- Voluntarily: