Generally, there are two ways to give your property or other assets to loved ones – through a will or a gift deed. While the will comes into force after your death, the giving of assets through a gift deed happens during your lifetime. Can the gifted person (donor) take back the property after it has been gifted, i.e. can the gift deed be cancelled? According to legal experts, the gift deed can be canceled, although it can be done only within a limited period.