A gift is a transfer of movable or immovable property without consideration, i.e., without money. When a transfer of immovable property happens without any payment made while receiving such property, it is considered to be a gift. In such cases, the parties who give and receive property are known as Donor and Donee. For a gift of immovable property to be valid under the law, the transfer must be:
- Done through a registered legal instrument signed by or on behalf of the donor
- Attested by at least two witnesses1.
Once it is signed and registered as per the due process of law, a gift deed cannot be revoked or taken back, except if the Donor and Donee agree beforehand that such revocation shall happen in certain conditions.0
- Section 123 of the TP Act.