Section 120 in The Transfer of Property Act, 1882

Title: Rights and liabilities of parties.

Description: Save as otherwise provided in this Chapter, each party has the rights and is subject to the liabilities of a seller as to that which he gives, and the rights and is subject to the liabiliti es of a buyer as to that which he takes.

Title: Exchange of money.

Description: On an exchange of money, each party thereby warrants the genuineness of the money given by him.

Title: “Gift” defined.

Description: Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Acceptance when to be made.-- Such acceptance must be made during the lifetime of the donor and while he is till capable of giving, If the donee dies before acceptance, the gift is void.

Title: Transfer how effected.

Description: For the purpose of making a gift of immoveable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses. For the purpose of making a gift of moveable property, the transfer may be effected either by a registered instrument signed as aforesaid or by delivery.

Title: Gift of existing and future property.

Description: A girt comprising both existing and future property is void as to the latter.