https://www.taxtmi.com/article/detailed?id=13107 Revocation of a gift is ordinarily impermissible once a gift is duly made, accepted, and acted upon; revocation is available only where parties have agreed on suspension or revocation upon a specified event, where a gift is agreed to be revocable at the donor's mere will (which is void), or where the gift is in the nature of a rescindable contract. An absolute gift with no reserved right of revocation and evidence of acceptance and possession cannot be unilaterally revoked; a subsequent revocation instrument therefore lacks effect. en-us Wed, 13 Nov 2024 17:38:14 +0530 Wed, 13 Nov 2024 17:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13107 Revocation of a gift is ordinarily impermissible once a gift is duly made, accepted, and acted upon; revocation is available only where parties have agreed on suspension or revocation upon a specified event, where a gift is agreed to be revocable at the donor's mere will (which is void), or where the gift is in the nature of a rescindable contract. An absolute gift with no reserved right of revocation and evidence of acceptance and possession cannot be unilaterally revoked; a subsequent revocation instrument therefore lacks effect. Articles Other Topics Wed, 13 Nov 2024 17:38:14 +0530 https://www.taxtmi.com/article/detailed?id=13107