Question

Explain ways to acquire ownership for gifts and non-gifts. BA 3302

Answer 1

A gift is a transfer of ownership from one party to another without the consideration (mutual exchange of value) necessary to establish an enforceable contract. A gift may, however, transfer ownership of property. A gift normally transfers ownership at the time that the owner expresses intent to transfer the property and physically surrenders the property to someone else who accepts it. The individual receiving the gift must act to accept the gift to make the transfer final. In a legal sense, the term “gift” refers to a definite, voluntary transfer of property from to another. The transfer must be made without any consideration (that is, without an expectation of receiving compensation in return). A person or party who makes a gift is called a “donor”, while the one receiving the gift is called the “donee”.
Transfers that qualify as a gift are a usually exempt from various tax laws. Gifts can usually be made to persons or to qualified entities like a registered charity. Generally speaking, there are three types of ways that a gift can be transferred: Inter Vivos Gift: This is a gift that is transferred during the life of the donor, while they are still alive. These are irrevocable (i.e., the donor cannot reclaim the gift once transferred)
Causa mortis gift : A gift that is transferred in anticipation of imminent death. The transfer is usually effective upon the donor’s death, and can be revoked up until the donor’s death

Testamentary Gift: This is a personal distributed gift . The gift is transferred to the donee after the donor’s death, and is often included in the overall distribution of the person’s estate

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. Such acceptance must be made during the lifetime of the donor and while he is still capable of giving. If the donee dies before acceptance, the gift is void.
The conception of the term "gift" as used In the Transfer of Property Act is somewhat different from the use in Mohammedan law. The owner of an immovable property can gift it to a relative or a third person. The person giving the gift is called the donor and the person to whom it is being gifted is called the donee. A gift is considered valid if it is made voluntarily and without consideration. It is also essential for it to be accepted by the donee.
The gift must be made and accepted in the lifetime of both the donor and donee. The acceptance is shown through a gift deed, which is an agreement spelling out .