A gift is a transfer of love, affection and honor to somebody, without expecting any return. Gift is meant to be given free although, giving a gift may involve reciprocity of expectations. In our society, the custom of giving or exchanging gifts such as goods, money, etc. may lead into social cohesion. In economics, the economists have elaborated the act of gift giving into a notion called as gift-economy. A gift can be further termed as an activity that favors kindness and forgiveness, which makes the receiver happy.
Donation-gifts are presented without considering any aspects of returns. In common law, the lack of gift return is an agreement for the donation, which considers imperfect void contract. Donation can be made by acquiring legal status or through a property. In civil law, donations are valid transfers, and can be made in writing through the required formalities.
Donation, which is yet another form of gift, can be processed through legal or physical person. Donation is, typically, given to a charitable organization or for the purpose to benefit a cause. Donation could be a cash, goods or services such as food, clothing, medical care, toys, vehicles and development support items. Charitable gifts that include services and goods are called as ‘gift in kind’ in legal terms.
Gift has various legal forms and rules in different countries. A traditional gift in any culture is presented by packing a gift in a particular manner. In western countries, a gift note for the occasion is attached to the gift mentioning the givers and the recipient’s name. Red gift wrapping paper symbolizes luck in Chinese culture. In some countries, politicians have restriction on gifts such as money, asset and other donations especially from businesses and finance lobbies.
Charities and donations are usually exempted from tax deductions, because this activity also reduces state’s income tax. A call has been initiated for the general and public state, to pay attention towards charities and donations. In some parts, there is a limitation on the freedom of charity and donation. Donation by a third party can be made in the memory of someone. These gifts can be made for various reasons such as wedding gift, holiday gift, gift in the memory of a person who is no more, etc.
