Under the Mitakshara law gift is the renunciation of his proprietary interest in favour of some other person without consideration. In this way, a right is created in favour of donee. However, the right of donee accrues only after acceptance and in no other way. Dr. Sen too is of the view that the ownership merges in the gift but the right of the other person arises only after he accepts the gift.
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According to Mitakshara, gift can either be oral or written because under Hindu law it is not essential for the gift to be in writing. For the validity of the Gift tine acceptance by the other party is an essential element and the taking of possession is a mode of accepting the gift, however this kind of gift can be by registered deed also. Under the Transfer of Property Act vide its Section 122 the term ‘gift’ has been defined. According to it, gift is a voluntary transfer of an immovable property by its owner without consideration.
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“In it the donee himself or by some person on his behalf accepts the gift and thereby the gift is complete. Such an acceptance should be given during the lifetime of donee till he is capable of giving the consent.”