REVOCATION OF A GIFT:
Section 126 of the Transfer of Property provides for conditions where a gift can be revoked. the following are essential ingredients for revocation of gift:
i) there must be an agreement between the donor and donee that the gift shall be suspended or revoked on the happening of a specified event;
ii) such event must be one which does not depend upon the will of the donor;
iii) the condition as to the suspend or revocation should be agreed to by the donee at the time of accepting the gift. And,
iv) there must exist a ground , except want or failure of consideration, on which a contract may be rescinded.
v) the condition should not be illegal, or immoral and should not be repugnant to the estate created under the gift.
vi) Section 126 is controlled by sec. 10. As such, a clause in the gift deed completely prohibiting alienation is void in view of the provisions contained in sec. 10.
vii) A gift, which was not based on fraud, undue influence or misrepresentation nor was an onerous one, cannot be cancelled unilaterally. Such a gift deed can be cancelled only by resorting to legal remedy in a competent court of law.
CONCUSION:
Despite the concept of expectation of reciprocity, a gift is known to be free. Any person who is the legal owner of a property can alone make a gift of his property. Basically, a gift is the transfer of something without consideration. In other words, it can be said that a voluntary transfer of a property in consideration of love and affection to person is known as ''GIFT''. It is thus vividly known that '' the chief characteristic of a gift is that it is a transfer without any consideration.''
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