I have covered the issue of Cancellation or revocation of registered gift deed of immovable property. Please read that since it covers your question substantially. As I have mentioned in the above reply, once a gift of an immovable property has been registered, it cannot be revoked by the donor at his will. Moreover, if there is a clause in the gift deed that it could be revoked at the will of the donor in future, then such gift deed itself is void.
Please note that mutation in respect of an immovable property is basically the act of taking on record the ownership of the property. The moment the gift deed is registered, the title passes to the donee from the donor. Mutation may give proof of this transfer of title, but even in the absence of mutation, the title would have already been transferred to the donee on the competition of registration of the gift deed.
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