Section 126 of Transfer of Property Act, 1882 explains when a gift can be suspended or revoked.
What is Section 126 of the Property Transfer Act?
According to the Section 126 of Transfer of Property Act 1882:
The donor (the person giving the gift) and the donee (the person receiving it) may agree that on the occurrence of a specified event (which does not depend on the donor’s will), the gift shall be suspended or revoked.
However, if the parties agree that the gift is revocable wholly or in part at the mere will of the donor, such an agreement renders the gift void wholly or in part, as the case may be.
A gift may also be revoked in certain cases (except for want or failure of consideration) where, if it were a contract, it might be rescinded.
It’s important to note that nothing in this section affects the rights of transferees for consideration without notice.
Illustrations:
A gives a field to B, reserving the right to take back the field if B and B’s descendants die before A. If B dies without descendants during A’s lifetime, A may take back the field.
A gives Rs. 1 lakh to B, reserving the right to take back Rs. 10,000 out of the lakh at his pleasure. The gift holds good for Rs. 90,000 but is void as to Rs. 10,000, which continues to belong to A.
Read More:
What is Section 3 of Transfer of Property Act?
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What is Section 126 of Transfer of Property Act?
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2024-01-05T14:45:51+00:00 2024-01-05T14:45:51+00:00Comment
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