From Wikipedia, the free encyclopedia

A gift or present is the transfer of something, without the need for compensation that is involved in trade. A gift is a voluntary act which does not require anything in return. Even though it involves possibly a social expectation of reciprocity, or a return in the form of prestige or power, a gift is meant to be free.

In many human societies, the act of mutually exchanging money, goods, etc. may contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy.

By extension the term gift can refer to anything that makes the other happier or less sad, especially as a favour, including forgiveness and kindness.

Occasions

Gifts under a Christmas tree.

The occasion may be:

• Expression of love or friendship
• Expression of gratitude for a gift received
• Expression of piety, in the form of charity
• Expression of solidarity, in the form of mutual aid
• To share wealth
• To offset misfortune
• Offering travel souvenirs
• Custom, on occasions (often celebrations) such as
  • A birthday (the person who has his or her birthday gives cake, etc. and/or receives gifts) This is most commonly from a family member or girlfriend/boyfriend.
  • A potlatch, in societies where status is associated with gift-giving rather than acquisition.
  • Christmas (people give each other gifts, often supposedly receiving them from Santa Claus)
  • Saint Nicholas (people give each other gifts, often supposedly receiving them from Saint Nicholas)
  • A wedding (the couple receives gifts and gives food and/or drinks at the wedding reception)
  • A wedding anniversary (each spouse receives gifts)
  • A funeral (visitors bring flowers, the relatives of the deceased give food and/or drinks after the ceremonial part)
  • A birth (the baby receives gifts, or the mother receives a gift from the father known as a push present)
  • Passing an examination (the student receives gifts)
  • Father's Day (the father receives gifts)
  • Mother's Day (the mother receives gifts)
  • Exchange of gifts between a guest and a host, often a traditional practice
  • Giving a round of drinks in a bar.
  • Lagniappe

[ refer to virtual gifts like e-books, software and music files which you can purchase and instantly download from web vendors.

Legal aspects of gifts

Main article:

At common law for a gift to have legal effect, it was required that there be (1) intent by the donor to give a gift, (2) acceptance of the gift by the donee, and (3) delivery to the donee of the item to be given as a gift.

In some countries, certain types of gifts above a certain monetary amount are subject to taxation. For the the USA

 Tax deductibility for gifts

Pursuant to  property acquired by gift, bequest, devise, or inheritance is not included in gross income and thus a taxpayer does not have to include the value of the property when filing for taxes. Although many items might appear to be gift, courts have held that the most critical factor is the transferor's intent. Bogardus v. Commissioner, 302 U.S. 34, 43, 58 S.Ct. 61, 65, 82 L.Ed. 32. (1937). The transferor must demonstrate a "detached and disinterested generosity" when giving the gift to actually exclude the value of the gift from the taxpayer's gross income. Commissioner of Internal Revenue v. LoBue, 352 U.S. 243, 246, 76 S.Ct. 800, 803, 100 L.Ed. 1142 (1956). Unfortunately, the court's articulation of what exactly satisfies a "detached and disinterested generosity" leaves much to be desired.