Is it true that whatever your parents give you belongs to them and they can take them back whenever?

So if your parents want to take your belongings that they gave you, it's obligatory to give it to them?

Ibn ‘Umar and Ibn ‘Abbaas (may Allah be pleased with them), according to which the Prophet (blessings and peace of Allah be upon him) said: “It is not permissible for a man to give a gift then take it back, except a father with regard to what he gives to his son.” Narrated by at-Tirmidhi in al-Jaami‘ as-Saheeh (2132). He said: It is hasan saheeh. It was also classed as saheeh by Ibn ‘Abd al-Barr in al-Istidhkaar (6/244) and by Ibn Hajar in Fath al-Baari (2/251). Classed as saheeh by al-Albaani in Irwa’ al-Ghaleel, no. 1624