Section 126 - When gift may be suspended or revoked : Transfer of Property Act, 1882
When gift may be suspended or revoked? Section 126 of Transfer of Property Act, 1882
Section 126 of Transfer of Property Act 1882 : "When gift may
be suspended or revoked"
126. The donor and donee may agree that on the
happening of any specified event which does not
depend on the will of the donor a gift shall be
suspended or revoked; but a gift which the parties
agree shall be revocable wholly or in part at the
mere will of the donor is void wholly or in part, as
the case may be.
A gift may also be revoked in any of the cases (save want or
failure of consideration) in which, if it were a contract, it
might be rescinded.
Save as aforesaid, a gift cannot be revoked.
Nothing contained in this section shall be deemed to affect
the rights of transferees for consideration without notice.
(a) A gives a field to B, reserving to himself, with B's assent,
the right to take back the field in case B and his descendants
dies before A. B dies without descendants in A's lifetime. A may
take back the field.
(b) A gives a lakh of rupees to B, reserving to himself, with
B's assent, the right to take back at pleasure Rs. 10,000 out of
the lakh. The gift holds good as to Rs. 90,000, but is void as
to Rs. 10,000, which continue to belong to A.