GIFT

  • GIFT

   

Gift has been defined in section-122 of the transfer of property act 1882 as follows:

Gift is the transfer of certain existing movable or immovable property made voluntarily and without consideration by one person called donor to another person called the donee and accepted by or on behalf of the donee.

Such acceptance must be during the life time of the donor and while he is still capable of giving.

GIFT ARE OF TWO KINDS

1) Gift inter-vivos

2) Testamentary gift

ESSENTIALS OF A VALID GIFT

• Transfer of ownership

• property in existence

• Transfer without consideration

• It is made voluntarily

• Donor must be competent person

• The transfree must accept the gift 

• It is inter-vivos (in between two living persons)