INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: Is revocation of a gift possible?

Answer: Gifts can only be revoked when the donor and donee have agreed that on the happening of any specified event the gift shall be suspended or revoked. However, if the parties agree that the gift should be revoked wholly or partly at the mere will of the donor is void to such extent. The gift may also be revoked in any of the case (save want of consideration) in which, if it were a contract, it might be rescinded (for instance, misrepresentation for obtaining consent). Other than these two situations, a gift cannot be revoked. The condition must be expressly specified in the deed. However, in the event when the condition has been laid down under a mutual agreement separately but forms a part of the transaction of gift, the condition would be enforceable.

Gifts can only be revoked when the donor and donee have agreed that on the happening of any specified event the gift shall be suspended or revoked. However, if the parties agree that the gift should be revoked wholly or partly at the mere will of the donor is void to such extent. The gift may also be revoked in any of the case (save want of consideration) in which, if it were a contract, it might be rescinded (for instance, misrepresentation for obtaining consent). Other than these two situations, a gift cannot be revoked. The condition must be expressly specified in the deed. However, in the event when the condition has been laid down under a mutual agreement separately but forms a part of the transaction of gift, the condition would be enforceable. Source: CoolInterview.com

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