A gift is an item that's given without any expectation of payment — it's a present. A gift may be the present you receive on your birthday or it may be a natural gift or talent you possess — like your gift for reading lips.
People give gifts to mark special occasions, like birthdays, weddings, anniversaries. and some holidays. Sometimes tourists buy gifts while on vacation and bring them home to their friends and family. Another kind of gift is a special ability: "She has such a gift for learning languages." The root of gift is probably the Old Norse gipt or gift, which means both "gift" and "good luck."