Under Section 126 of the Transfer of Property Act, 1882, a gift may be revoked by the donor when:

Section 126 of TPA, 1882 provides strictly limited grounds for revocation of a gift once completed. A gift may be revoked: (a) where the gift was made subject to a condition of the nature of a condition subsequent (a condition to be performed after the gift takes effect) and that condition has been fulfilled the donor may revoke at his option; and (b) where both parties expressly agreed at the time of the gift that it shall be revocable wholly or in part at the mere will of the donor. However, Section 126 expressly provides that a gift may not be revoked merely because the condition is of the nature of a condition precedent. A gift cannot be revoked on grounds of ingratitude, financial hardship, changed circumstances, or the donor's unilateral change of mind. The courts have consistently held that once a valid gift is completed and accepted, it is essentially irrevocable except on the two narrow statutory grounds enumerated in Section 126.