Gift of movable property requires delivery or registered instrument; mere book entries by donor do not complete transfer.

A gift of movable property under section 123 of the Transfer of Property Act requires a registered instrument or delivery, and delivery must place the property in the donee's possession or control. Mere transfer entries in the donor's own books, supported only by a memorandum of gift, are insufficient where no money changes hands and the donor retains dominion over the property. The court distinguished cases involving bankers or transfers that actually placed the property under the donee's control. On these facts, the bookkeeping entries did not complete a valid gift, and the transfer was ineffective.

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Issues: Whether transfer entries in the assessee's personal books, without actual delivery of money, amounted to a valid gift of movable property.

Analysis: A gift of movable property under section 123 of the Transfer of Property Act requires a registered instrument or delivery. Delivery may be actual, constructive, or symbolical, but the act relied on must put the property in the possession or control of the donee. The assessee merely made entries in her own books and executed a memorandum reciting a gift; no money changed hands, no bank or third party effected the transfer, and the assessee retained possession and control of the money. The authority of cases involving bankers or transactions where the donee actually obtained control was distinguished. Mere entries in the donor's own accounts, without more, do not divest the donor of dominion or complete the gift.

Conclusion: The transfer entries did not amount to a valid gift, and the question was answered against the assessee.

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