The way a gift reciept works at most stores, when an item is returned, will give you 'sale' price in value back. So mom buys an 80$ sweater that goes on sale to 15$ Dec 26 and darling daughter doesnt like moms tastes, gets a 15$ store credit to use. You are much better off giving the store receipt for any item you purchased as a gift to someone exchanging the item. I consider this underhanded fraud, since most people believe that a gift reciept is as good as having the real thing. If you are unsure, ask the store about its return policy and will you get full credit for the price paid for any item returned within ### number of days of the holiday gift giving or purchase date. And make sure the cashier can answer your question. Most people, even cashiers, assume a gift receipt is like the real thing.