Gifts

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 more happy or less sad, especially as a favour, including forgiveness and kindness (even when the other is not kind).

Presentation
When material objects are given as gifts, in many cultures they are traditionally packaged in some manner. For example, in Western culture, gifts are often wrapped in wrapping paper and accompanied by a gift note which may note the occasion, the giftee's name, and the giver's name. In Chinese culture, red wrapping connotes luck.

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)
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)
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

Kinds of gifts
A gift may be one of
an ordinary object,
an object created for the express purpose of gift exchange, such as the armbands and necklaces in the Trobriand Islands' Kula exchange,
an alternative gift such as a donation to a charity in the name of the recipient.
a regift of an unwanted gift previously received by the giver.
a virtual object as seen on Facebook, Live Journal, both of which allow you to purchase virtual gifts or in games such as GiftTRAP which allow you to give virtual gifts. These are all examples of the Virtual Economy
Downloadable gifts 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 articles: Gift (law) and Gift tax
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 the United States and some other countries, certain types of gifts above a certain monetary amount are subject to taxation. See gift tax for more information.

Religious views
Ritual sacrifices can be seen as return gifts to a deity. Sacrifice can also be seen as a gift from a deity: Lewis Hyde remarks in The Gift that Christianity considers the Incarnation and subsequent death of Jesus to be a "gift" to humankind, and that the Jakata contains a tale of the Buddha in his incarnation as the Wise Hare giving the ultimate alms by offering himself up as a meal for Sakka. (Hyde, 1983, 58-60)

See also