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Section 122: “Gift” defined
Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Acceptance when to be made.– Such acceptance must be made during the lifetime of the donor and while he is till capable of giving, If the donee dies before acceptance, the gift is void.
Source: official text of The Transfer of Property Act, 1882 as published on India Code (PDF). All sections of the Transfer of Property Act, 1882.