New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    Which of the following is essential requirement of

    'Gift"?
    A Transfer should be of movable property only Correct Answer Incorrect Answer
    B Transfer should be of future property Correct Answer Incorrect Answer
    C Gift should be accepted by donee during life time of donor Correct Answer Incorrect Answer
    D There should be some consideration Correct Answer Incorrect Answer

    Solution

    Section 122 of Transfer of Property Act defines a gift as the transfer of an existing moveable or immovable property. Such transfers must be made voluntarily and without consideration. Section 122  also provides that the acceptance must be made during the lifetime of the donor and while he is still capable of giving. The acceptance that comes after the death or incompetence of the donor is no acceptance.

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