Gift: Concept and Kinds

In layman terms, gift refers to a unilateral transfer of ownership, without any consideration. According to the Transfer of Property Act, 1882, ‘gift’ means the transfer of a thing, which can be movable or immovable in nature, to a person, without any consideration. In the transfer of gift, it is essential that the thing which is being transferred should be in existence at the time of making the gift and thus, a future property cannot be transferred or cannot be gifted.

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