Meaning and Legal Concept
A gift is a voluntary transfer of certain existing movable or immovable property made without consideration by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. The concept of gift is governed by the Transfer of Property Act, 1882, and is defined under Section 122. A gift must be made voluntarily and without any form of monetary or non-monetary consideration. The essence of a gift lies in the intention of the donor to transfer ownership gratuitously. Unlike sale or exchange, a gift does not involve any return or benefit. Once a valid gift is completed, the donor loses all rights over the property. The law strictly regulates gifts to prevent fraud, coercion, or undue influence, especially in family and property transactions.
Statutory Provisions and Legal Framework
The legal provisions relating to gifts are contained in Sections 122 to 129 of the Transfer of Property Act, 1882. Section 123 mandates that a gift of immovable property must be effected by a registered instrument signed by or on behalf of the donor and attested by at least two witnesses. For movable property, delivery of possession is sufficient. Section 124 allows gifts of existing and future property, but future property takes effect only when it comes into existence. Section 126 deals with revocation of gifts, permitting revocation only by mutual agreement or on the happening of a specified event not dependent on the will of the donor. These provisions ensure certainty, legality, and protection of interests in gift transactions.
Legal Characteristics and Importance
A gift has certain essential characteristics: it must be voluntary, without consideration, and accepted by the donee during the lifetime of the donor. Acceptance is a crucial element, and without it, the gift becomes void. A gift once completed is generally irrevocable, except in cases permitted under Section 126. Gifts are commonly used in family settlements, charitable transfers, and succession planning. They play an important role in property distribution without commercial motives. From an examination perspective, the topic of gift is significant and often appears in questions relating to essential elements, revocation, and distinction between gift and sale or will. Understanding the legal framework of gifts helps prevent disputes and ensures lawful transfer of property.
Real-Time Example
A practical example of a gift can be seen when a father voluntarily transfers his house to his daughter out of love and affection, without receiving any consideration. The transfer is made through a registered gift deed signed by the father and accepted by the daughter during his lifetime. Once the gift is complete, the father cannot reclaim the property unless a valid condition for revocation exists under Section 126 of the Transfer of Property Act, 1882. Another example is gifting movable property such as jewellery, where delivery of possession completes the gift. These examples demonstrate how gifts operate in everyday life and legal practice.
Mnemonic to Remember
A simple mnemonic to remember the essentials of a gift is “VADAR”. V stands for Voluntary transfer, A for Acceptance by donee, D for Donor and donee, A for Absence of consideration, and R for Registered instrument (for immovable property). Remembering “VADAR” helps students easily recall the essential requirements of a valid gift under Section 122 of the Transfer of Property Act, 1882, especially during examinations.
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