Gift is the gratuitous transfer of certain existing moveable or
immoveable property, made voluntarily and without consideration by one
person to another person and accepted by or on behalf of the latter. The
transfer must be based on free will and not without duress, force or
undue influence. The transfer here means any disposition, conveyance,
assignment, settlement, delivery, payment or other alienation. The
transferor is called ‘donor’ and the transferee is called ‘donee’.
The Transfer of Property Act, 1882 in its Section 122 defines what a
gift is. The Section says a 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
donee, and accepted by or on behalf of the donee. Acceptance when to be
made.—Such acceptance must be made during the lifetime of the donor
and while he is still capable of giving. If the donee dies before
acceptance, the gift is void”.