A gifts one lakh to B, reserving right to take back ten thousand out of that at his desire with B's assent. Decide the validity of this gift in the light of relevant provisions of law.

This present problem relates to Transfer of Property Act, 1882. This involves an issue of validity of gift. In this case, A gifts to B one lakh but with B's assent, he reserves the right to get back ten thousand out of the entire amount of one lakh. Section 122 of the Transfer of Property Act defines "gift" as follows: "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. One of the essential characteristic of a gift is that it cannot be revoked at the will and pleasure of the grantor. A revocable gift is one which may be revoked by the donor at any time. Its revocation would depend upon the mere will or pleasure of the donor. Such a gift is void. But on the other hand, if the condition is one which does not depend on the will or pleasure of the donor, the gift can be revoked on the happening of such condition. Illustrations (b) A gives a lakh of rupees to B, reserving to himself with B's assent the right to take back at leisure ₹ 10,000 out of one lakh. The gift holds goods as to ₹ 90,000 but is void as to ₹ 10,000 which continues to belong to A. In view of the definition of gift contained under Section 122, the gift, in the case given in the question, holds good as to ₹ 90,000 but is void as to ₹ 10,000 which continue to belong to A. This is because, once a gift is made, it can't be revoked at the will desire or pleasure of the Donor. Since the gift of ₹ 10,000 solely depend at the desire of A, hence void and gift for rest ₹ 90, 000 shall be enforceable under the law.