Sale or gift of immovable property

Inherited property can be gifted but it is limited to an individual's share only. You may execute a gift deed in favour of someone thereby gifting your respective inherited portions in the property. A gift deed allows one to gift his assets or transfer ownership without any exchange of money. The gift of immovable property must be in accordance with section 122 of the Transfer of Property Act, 1882.

The transfer must be effected by a registered and stamped instrument signed by or on behalf of you and must be attested by at least two witnesses. Stamp duty and registration charges payable on the gift deed differ across states.

Minors are not eligible to be a donor and therefore a gift deed where the minor is the transferrer is not valid in the eyes of law.
GIFT WHEN REVOCABLE 

• The happening of this event must not depend on the donor.
• The condition regarding the revocation must be made clear to the donee and the same must be accepted by him at the time of accepting the gift.
• There must exist a ground, except want or failure of consideration, on which a contract may be rescinded
• Such a condition should not be illegal or immoral and should not have ill effects on the gift property.
• A clause in the gift deed completely prohibiting alienation is void in view of the provisions contained in Sec. 10
• A bonafide gift cannot be canceled unilaterally. The court needs to be involved in order to revoke a bonafide gift.

Read more at: https://www.lawyersclubindia.com/forum/details.asp?mod_id=160018&offset=1

Regards