1) it is necessary to peruse conditional gift deed mentioned by you
2) gift deed can be cancelled if there is a clause that in event of violation of conditions of gift deed gift deed would stand revoked
3)Section 126 of the Transfer of Property Act deals when gift may be suspended or revoked. In effect the section provides that a gift may be suspended or revoked -
(1) by agreement of parties; and (2) on grounds on which a contract might be rescinded. As aforesaid the gift cannot be revoked and nothing in this section can affect the right of the transferee for consideration without notice. A gift can be cancelled or rescinded only under the following circumstances :-
(a) on the happening of an event specified in the gift deed;
(b) the donor and the donee must have agreed to such condition; acceptance of such condition specified in the gift deed must be agreed to by the donee while accepting the gift.
(c) the event agreed upon must be such that the happening of it does not depend on the will of the donor.
(d) the conditions so imposed must not be repugnant to the gift and should not illegal or immoral.
(e) a gift may also be revoked or rescinded as if it were a contract on the same grounds on which a contract can be rescinded except on the ground of failure of consideration.
4) if conditions mentioned in gift deed are violated gift deed can be revoked