Transfer of Property Act, 1882
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be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.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 a n d hi s d e s c e nd a n t s d i e s b e fo r e 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 p l e a s ur e R s. 10 ,00 0 o ut o f th e l a kh . Th e gi ft ho ld s good a s t o R s. 90 ,0 00 , bu t i s void a s to R s .10 ,0 00 , wh i ch c o nt in u e t o b e l on g to A.