Under Section 122 of the Transfer of Property Act, 1882, a "gift" is defined as:

Section 122 of TPA, 1882 defines "gift" as the transfer of certain existing movable or immovable 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. Three essential elements emerge: (i) the property must be existing at the time of the gift a gift of future property is void; (ii) the transfer must be without consideration any consideration, however nominal, would alter the nature of the transaction; and (iii) the gift must be accepted by the donee during the lifetime of the donor and while the donor is capable of giving. Under Section 123, a gift of immovable property must be made by a registered instrument signed by the donor and attested by at least two witnesses; a gift of movable property may be effected by registered instrument or by delivery.