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Gift

A gift or a 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.

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.

Gift wrapping

Gift wrapping refers to the act of enclosing a gift in some sort of material. Wrapping paper is a kind of paper designed for gift wrapping. Gifts may also be wrapped in a box. They may be held closed with ribbon and topped with a decorative bow (an ornamental knot made of ribbon).
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 the United States, an additional 5 million tons of waste are generated during the winter holidays; four million tons of this is wrapping paper and shopping bags.Some people attempt to avoid this by unwrapping gifts with care to hopefully allow the paper to be reused, while others use decorate cloth gift sacks that not only can be easily reused many times, but is easy to prepare gifts with presentably in the first place.