Gifts are a kind of transfer of property in Transfer of Property Act(hereinafter referred as the Act) in India. Section 122 of the Act defines Gift. This is the transfer of property made voluntarily. There will be no consideration for the transfer.
Who are the Parties of Gift?
The parties in gift are known as donor and donee. The person who transfers the property by way of gift to another is known as donor. The person in whose favour property is transferred by gift is known as donee.
Elements of Gift
There must be transfer of ownership of the property
The transfer must be of an existing property
Both movable and immovable property can be transferred.
The transfer must be voluntarily.
The transfer must be gratutious or without consideration.
The property must be accepted by or on behalf of the person to whom it is transferred.