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A gift under the above act can only be effected in the following manner.
A gift once completed is binding on the donor, and it cannot be revoked by him unless it is obtained by fraud or undue influence.
Gift is a relinquishment without consideration of one’s own right in property and the creation of the right of another. A gift is completed only on the other’s acceptance of the gift.
A gift under Hindu law need not be in writing. However, a gift under the law is not valid unless it is accompanied by delivery of possession of the subject of the gift from the donor to the donee. However where physical possession cannot be delivered, it is enough to validate a gift, if the donor has done all that he could do to complete the gift, so as to entitle the donee to obtain possession.
A gift of property is not invalid because the donor reserves the usufruct of the property to himself for life. Where property is given subject to a condition absolutely restraining the donee from alienating it. Or it is given to two or more persons subject to a condition restraining them from restraining it. The condition is void, but the gift itself remains good. A gift made with the intent to defeat or defraud creditors is voidable at the option of the creditors.