Generally, gift of immovable property given by the donor to the donee cannot be revoked or cancelled.
However, Section 126 of the Transfer of Property Act, 1882 deals with revoking or suspending a gift.
According to the section, the donor and donee may agree that on the happening of any specified event which does not depend upon the will of the donor a gift shall be suspended or revoked. A Gift can also be revoked wholly or partly at the will of the donor if so is agreed between the parties.
Canceling or revoking a Gift
Section 126 lays down two modes of revocation of Gift:
Revocation by mutual agreement of donor and donee:
Donor and Donee may agree that the gift shall be suspended or revoked upon happening of an event not dependent upon the donor. The condition revoking the gift must be express; it should not be merely in the form of a wish or desire. In other words, the condition on the non-fulfillment of which the donor may revoke the gift must be expressly laid down in the gift deed.
However, even if a condition is not laid down in the gift deed itself, and has been provided under a mutual agreement separately which forms a part of the transaction of a gift, the condition would be valid and enforceable.
Revocation by rescission as in the case of contracts:
The gift is a gratuitous transfer of ownership made voluntarily. However, if it could be proved that the gift was not made voluntarily, i.e., the consent of the donor was not free, the gift must be revoked. The gift is always preceded by an express or implied contract; offer by donor and acceptance by done. Thus, if the preceding contract itself is rescinded or revoked there is no question of taking place of transfer (gift) made under it. Accordingly, under section 126 of the Act, a gift is revoked on any of the grounds on which it might be rescinded had it been a contract.
Therefore, where consent for the gift has been obtained by coercion, undue influence, fraud or misrepresentation, the deed is voidable at the option of the party whose consent was so obtained. It is to be noted, that the period of limitation for the revocation of gifts on the ground of fraud, coercion, misrepresentation or undue influence is three years from the date on which the same comes to the knowledge of the donor.
If the gift deed is registered, then you need to file a court case for revoking the gift deed.
Hope this answer helps you.