Gift

Gift \gift\ , noun;
1. Something given voluntarily without payment in return, as to show favor toward someone, honor an occasion, or make a gesture of assistance; present

Do you give 'gifts' or 'presents'? (source)

I'm feeling a bit lazy today, so I'll let this Dictionary.com article do the work for me:

This time of year we are all making our lists and checking them twice. All this holiday shopping got us thinking: where do the words gift and present come from? Why does English use both? It’s not just so that children can ask for toys in multiple ways.

Find out the answers here.