´It was narrated from 'Amr bin Shu'aib, from Tawus, from Ibn 'Umar and Ibn 'Abbas, that they said:` "The Messenger of Allah said: 'It is not permissible for anyone to give a gift then take it back, except a father with regard to what he gives to his son. The likeness of the one who gives a gift then takes it back, is that of the dog which eats then when it is full it vomits, then it goes back to its vomit.'"
The detailed explanation of the hadith has already been mentioned under hadith number 3719. It is also permissible for the father to revoke (the gift) because he may need to do so for the purpose of discipline. And teaching manners (adab) to the children is far superior to giving them a gift.
Source: Sunan Nasa'i: Translation and Benefits by Shaykh Hafiz Muhammad Amin Hafizullah, Page: 3733
Narrated Abdullah Ibn Umar ; Abdullah Ibn Abbas: The Prophet ﷺ said: It is not lawful for a man to make a donation or give a gift and then take it back, except a father regarding what he gives his child. One who gives a gift and then takes it back is like a dog which eats and vomits when it is full, then returns to its vomit.
Shaykh Umar Farooq Saeedi
Benefits and Issues: Benefit: It is narrated in Sahih Bukhari that (ليس لنا السوء) (Sahih al-Bukhari, The Book of Gifts, and Its Virtue and Encouragement Towards It, Hadith: 2622) “The evil example is not for us.” That is, for a person of faith, such behavior is absolutely not appropriate. However, the relationship between father and son has a particular distinction. On this basis, only the father has been permitted that if he gives a gift to his son and wishes to take it back, he may do so. In addition, another reason for this could be that the father’s entitlement to the wealth of the son is such that it is as if he himself is its owner.
Source: Sunan Abu Dawood – Commentary by Shaykh Umar Farooq Saeedi, Page: 3539
Narrated Ibn 'Umar and Ibn 'Abbas (RA): The Prophet (ﷺ) said: "It is not lawful for a Muslim man to give a gift and then take it back, except a father regarding what he gives a child." [Reported by Ahmad and al-Arba'a. at-Tirmidhi, Ibn Hibban and al-Hakim graded it Sahih (authentic)].