A gift is given by one person to another, known as the giver and donee. There should be no monetary value attached to a gift. That is, the giver should not be compensated in any way for making a gift, and it should be provided and created with both parties’ free consent. The donee should accept the gift in the lifetime of the donor.
When a gift is offered by one party to another and is not accepted by the recipient, the gift deed becomes null and void.
To be legitimate and lawful, both parties to the gift deed must sign and execute the agreement in front of two witnesses. The execution must be done with the permission of a free and informed person.
Acceptance of a gift is required by law, according to several Courts, without which such an act is declared invalid. Such acceptance must be made during the lifetime of the donor while he is ‘capable’ of making it, and if not the deed stands void.
