Section 122. Gift. The Transfer of Property Act, 1882 – Section 122 gives the definition of gift. It is a gratuitous transfer of ownership made voluntarily with own consent for an existing property. The section includes both movable and immovable property. Here, under this section, the transferor is called donor and the transferee is called donee . Essential Elements of Gift: Transfer of Ownership: It is a gratuitous transfer of ownership i.e., absolute interest. The donee must disposes the property himself to the donor. Existing Property: The property or the gift which is gratuitous in nature must be in existence to transfer. No Consideration: The transfer should be made gratuitously that means without any consideration. In gift, there should not be any consideration otherwise it is not a valid gift. Voluntarily: The gift, which the donor wants to transfer donee must not be obtain without his free consent and will. The gift must be maid voluntarily by the donor only