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.
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.
