1. Core Legal Answer & Context: Under the Transfer of Property Act, 1882 (TPA), a 'Gift' is defined as the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person (the donor) to another (the donee), and accepted by or on behalf of the donee. For a gift of immovable property, it must be effected by a registered instrument attested by at least two witnesses. For movable property, it can be by registered instrument or by delivery. Acceptance by the donee during the lifetime of the donor and while the donor is still capable of giving is essential for a valid gift.

When Gift may be Suspended or Revoked (Section 126 TPA): A gift, once completed, is generally irrevocable. However, Section 126 of the TPA provides specific, limited circumstances under which a gift may be suspended or revoked:

• By mutual agreement: A gift may be revoked by agreement between the donor and donee, provided that the agreement is made at the time of the gift and specifies an event upon the happening of which the gift shall be revoked. This condition must not depend solely on the will of the donor.
• Rescission as a contract: A gift may be revoked on any ground on which a contract may be rescinded. This includes grounds such as fraud, misrepresentation, undue influence, coercion, or mistake, as provided under the Indian Contract Act, 1872. If the gift was induced by such factors, it can be rescinded.
• Conditional Gift: If a gift is made subject to a condition precedent or subsequent, and that condition is not fulfilled or is violated, the gift may be suspended or revoked as per the terms of the condition. For example, a gift with a condition that if the donee dies before the donor, the gift shall revert to the donor.

It is crucial that the condition for revocation is part of the original transaction and not a subsequent unilateral decision by the donor.

2. Relevant Statutes and Sections: Sections 122 to 129 of the Transfer of Property Act, 1882. Specifically, Section 122 (definition), Section 123 (mode of transfer), and Section 126 (revocation).

3. Important Landmark Cases:

• Kartar Singh v. Harpal Singh: Emphasized that a gift, once completed and accepted, cannot be unilaterally revoked by the donor unless there was an express agreement for revocation at the time of the gift or it falls under the grounds for rescission of a contract.
• Renikuntla Rajamma v. K. Sarwanamma: Reiterated the importance of acceptance for a valid gift and held that a gift deed, once registered and accepted, cannot be unilaterally cancelled by the donor.

4. Clear Conclusion: A gift under the TPA is a voluntary, gratuitous transfer of property that, once complete, is generally irrevocable. However, Section 126 provides limited exceptions for its suspension or revocation, primarily through a prior agreement between the parties or on grounds akin to those for rescinding a contract, ensuring that the donor's intent and the donee's acceptance are genuinely free and informed.