1) In today’s world if gift dead is registered the transfer is done ,there is no conditional gift dead . The condition apply only for WILL. Correct me if I am wrong.
Your question has been properly addressed in the settled case by Supreme court in the fllowing case whose gist is give below the title:
Supreme Court of India
Renikuntla Rajamma (D) By Lr vs K.Sarwanamma on 17 July, 2014
f the gift was conditional and there was no acceptance of the donee it could not operate as a gift. Absolute transfer of ownership in the gifted property in favour of the donee was absent in that case which led this Court to hold that the gift was conditional and had to become operative only after the death of the donee. The judgment is in that view clearly distinguishable and cannot be read to be an authority for the proposition that delivery of possession is an essential requirement for making a valid gift.
19. In the case at hand as already noticed by us, the execution of registered gift deed and its attestation by two witnesses is not in dispute. It has also been concurrently held by all the three courts below that the donee had accepted the gift. The recitals in the gift deed also prove transfer of absolute title in the gifted property from the donor to the donee. What is retained is only the right to use the property during the lifetime of the donor which does not in any way affect the transfer of ownership in favour of the donee by the donor.
Hope the above clears your doubt.
2) If it is valid , to whom the gift transfer is done it is to Miss.Z or children ,who has rights to sell the property? MIss.Z or Miss Z children since Mr.X has passed
As far as Mr X is concerned, he has divested the property to Z with mere lifetime interest in it and it cannot be said to vest on the people who do not exist, therefore the donee, i.e., Z becomes the absolute owner having marketable title without any condition forbidding her from alienating the property, you may refer to the provisions of section 123 of TP act for further clarifications.
3) What are the possibility of Hindu Succession Act 1956-Section 14 i.e Absolute right for women here .
This becomes the absolute property of Z hence a gift as per the married women property act shall become her absolute property.
4) Is there any possibility Miss.Z will receive the entire property as Absolute right if the conditional gift dead is not valid ?
The conditions further shall not be held as valid, she becomes the absolute owner by the virtue of the registered gift deed in her favor.