When gift may be suspended or revoked? Section 126 of Transfer of Property Act, 1882
126. The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part at the mere will of the donor is void wholly or in part, as the case may be.
A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
Save as aforesaid, a gift cannot be revoked.
Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice.
Illustrations
(a) A gives a field to B, reserving to himself, with B's assent,
the right to take back the field in case B and his descendants
dies before A. B dies without descendants in A's lifetime. A may
take back the field.
(b) A gives a lakh of rupees to B, reserving to himself, with B's assent, the right to take back at pleasure Rs. 10,000 out of the lakh. The gift holds good as to Rs. 90,000, but is void as to Rs. 10,000, which continue to belong to A.
Section 126 - When gift may be suspended or revoked
Section 129 - Saving of donations mortis causa and Muhammadan law
CHAPTER VIII TRANSFERS OF ACTIONABLE CLAIMS
Section 130 - Transfer of actionable claim
Section 130A - Transfer of policy of marine insurance (Repealed)
Section 131 - Notice to be in writing, signed
Section 132 - Liability of transferee of actionable claim
Section 133 - Warranty of solvency of debtor
Section 135 - Assignment of rights under policy of insurance against fire
Section 135A - Assignment of rights under policy of marine insurance (Repealed)
Section 136 - Incapacity of officers connected with Courts of Justice