Section 122 The Indian Contract Act, 1872
Section 122 – Indian Contract Act, 1872
Title: "Gift" defined
Bare Act Language:
Section 122. “Gift” defined:
"Gift" is the transfer of certain existing movable or immovable 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 made during the lifetime of the donor and while he is still capable of giving, completes the gift, but not otherwise.
🔍 Explanation:
A gift must be:
A voluntary transfer,
Without any monetary consideration,
Of existing property (not future property),
Accepted by the donee during the lifetime of the donor.
If the donee does not accept the gift during the donor’s lifetime, the gift is invalid.
🧑⚖️ Example:
If A gives his house to B without taking any money, and B accepts the gift while A is still alive, the gift is complete and valid.
But if B doesn't accept the gift while A is alive (and A dies before acceptance), the gift is not valid.
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