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Transfer of Property Act, 1882-Gift
Transfer of Property Act, 1882-Gift
Transfer of Property Act, 1882-Gift
Definition:
Gift is transfer of certain existing
movable or immovable property
made:
(i) voluntarily; and
(ii) without consideration,
by one person, called donor, to another,
called donee, and accepted by or on
behalf of the donee.
...GIFT – SECTION 122
Parties – Donor and Donee;
Subject Matter – Existing Movable or
Immovable Property;
Consideration – Gratuitous, without
consideration;
Effect – Transfer of ownership, made
voluntarily and has to be accepted by
donee, in lifetime of competent donor.
GIFT – SECTION 123
How is a gift made? / How is a gift
created? / How is a gift effected?
Immovable property – registered instrument,
signed by or on behalf of donor and attested
by at least two witnesses;
Movable property – either by a registered
instrument, signed by or on behalf of donor
and attested by at least two witnesses; or by
delivery.
VOID GIFTS...
Gift made for unlawful purpose [Section
6];
Gift dependent upon a condition which is
either impossible or forbidden by law
[Section 6];
Gift by a person incompetent to contract
[Section 7];
Donee dies before acceptance [Section
122];
...VOID GIFTS
A gift comprising of both existing as well as
future property is void as to the latter
[Section 124];
A gift made to two or more donees, one
does not accept, gift is void as to the
interest he would have taken, had he
accepted the gift [Section 125];
Gift which, under agreement between the
parties, is revocable, wholly/partly, at the
mere will of the donor, is void, wholly/partly,
as the case may be [Section 126].
SUSPENSION/REVOCATION
OF GIFT – SECTION 126
By agreement – The donor and donee may
agree that on the happening of any
specified event, which does not depend
upon the will of the donor, a gift shall be
suspended or revoked;
Rescission of contract – A gift may be
revoked on same grounds, as contract may
be rescinded – coercion, undue influence,
fraud, misrepresentation.
Except for the above, gift cannot be
revoked.
ONEROUS GIFT – SECTION 127...
Qui sentit commodum sentire debetet
onus – He who receives advantage
must also bear the burden
...ONEROUS GIFT – SECTION 127
Gift of several things, is made in a single
transfer, to same person, of which one
thing is burdened by an obligation, the
donee must accept it fully or reject the gift;
If gift of several things, is made in separate
and independent transfers, to same
person, the donee is free to accept one gift
and refuse the others, even though the
accepted thing is beneficial and the other
things are onerous;
Acceptance of an onerous gift not binding
upon minor.
UNIVERSAL DONEE – SECTION 128