BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -There is no need for an intention to make an immediate transfer of ownership to the donee. If the donor intends the gift to take effect in the future and the donee accepts, the donee thereby holds a legal right to enforce the gift as a matter of contract law.

Detailed explanation-2: -“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.

Detailed explanation-3: -Previous Next. When two persons mutually transfer the ownership of one thing for the ownership of another neither thing or both things being money only, the transaction is called an “exchange".

Detailed explanation-4: -If an immovable property is being given as a gift, it amounts to transfer of property and must be made in writing through a gift deed. This deed needs to be signed by the donor and the donee in the presence of two witnesses.

Detailed explanation-5: -“Transfer of property” defined.-In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, 1[or to himself] and one or more other living persons; and “to transfer property” is to perform such act.