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Please guide if it is Possible to revoke Gift Deed to avoid paying stamp duty . We want to return the property gifted by my father in law to my wife as we are moving. is this possible without paying stamp duty..

They should be able to cancel the Gift deed, if both parties agree. Or, just do another gift deed from daughter to father. That should work as well I think.

Gift deed cannot be cancelled by Donor or donee , if at all it is to be cancelled then the option is through Court.

Consider GEneral Power of Attorney (GPA) as an option. Since you are moving, your father-in-law can continue the legal formalities (renting, managing etc)