A gift deed can be revocable or irrevocable. A donor cannot cancel the irrevocable one. Usually, a revocable deed states a promise to transfer property as a gift in the future and can be annulated by the owner of the asset before the due date or event.
For example, an aunt can arrange to give a house to her niece as a gift when she gets married. If the aunt does it with a revocable deed, she can change her mind before the wedding day.