Gifts and Exchanges in Property Law
GIFTS IN PROPERTY LAW
-------------------------------------------------
Anweshaa Majumdar BA LLB 2ND YEAR 20110089 JGLS
-------------------------------------------------
CONTENTS
* Definition of a Gift * Essential elements of a Gift * Mode of Transfer of Gifts * Oral Gifts * Cases on Oral Gifts * Gifts under Mohammedan Law * Important conditions of a valid gift in Hindu Law * Gift of existing and future property * Gift to more than one person * Suspension or Revocation of a Gift * Different kinds of Gifts * Universal Donee * Conclusion
Definition of a Gift
Section 122 of the Transfer of Property Act 1882 defines a gift as:
“Gift” is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the done, and accepted by or on behalf of the done”
In other words, a gift is essentially A voluntary transfer of personal property without consideration. A parting by owner with property without pecuniary consideration. A voluntary conveyance of land, or transfer of goods, from one person to another, made gratuitously, and not upon any consideration of blood or money.
In gift, an existing property is transferred in favour of another person without consideration. A gift may be made between two living people or it may take place after the death of the transferor (testamentary).
Essential Elements of Gift
The essential elements of a legally valid Gift are: * There must be a transfer of ownership of property. This means that transference of merely possession doesn’t amount to a gift. In a gift, the whole interest of the interest of the person in a property is transferred
-------------------------------------------------
Anweshaa Majumdar BA LLB 2ND YEAR 20110089 JGLS
-------------------------------------------------
CONTENTS
* Definition of a Gift * Essential elements of a Gift * Mode of Transfer of Gifts * Oral Gifts * Cases on Oral Gifts * Gifts under Mohammedan Law * Important conditions of a valid gift in Hindu Law * Gift of existing and future property * Gift to more than one person * Suspension or Revocation of a Gift * Different kinds of Gifts * Universal Donee * Conclusion
Definition of a Gift
Section 122 of the Transfer of Property Act 1882 defines a gift as:
“Gift” is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the done, and accepted by or on behalf of the done”
In other words, a gift is essentially A voluntary transfer of personal property without consideration. A parting by owner with property without pecuniary consideration. A voluntary conveyance of land, or transfer of goods, from one person to another, made gratuitously, and not upon any consideration of blood or money.
In gift, an existing property is transferred in favour of another person without consideration. A gift may be made between two living people or it may take place after the death of the transferor (testamentary).
Essential Elements of Gift
The essential elements of a legally valid Gift are: * There must be a transfer of ownership of property. This means that transference of merely possession doesn’t amount to a gift. In a gift, the whole interest of the interest of the person in a property is transferred