All you need to know about Gifts

As per Section 122 of the Transfer of Property Act,1882- "Gift is the transfer of certain existing MOVABLE OR IMMOVABLE property made VOLUNTARILY and WITHOUT CONSIDERATION by one person called Donor to another called Donee and accepted by or on behalf of Donee".

source https://www.caclubindia.com/articles/all-you-need-to-know-about-gifts-49286.asp