The gift tax is when someone gives property to someone else and receives nothing or less than full value in return. Whether the giver intends the transfer to be a gift or not, it doesn’t matter, the tax still applies.

If you give property to someone, and yes that includes money, then you have given a gift. It is a gift if you are not expecting anything in return or at least equal value in return. The gift tax does apply to the transfer by giving the gift of any property.

You may be giving a gift if you give someone an interest free loan or a loan at a low interest rate. It may also be classified as a gift if you sell something for less than its full value.
Learn More, http://hubpages.com/hub/Annual-Gift-Tax-Exemption