For the present, Joe goes on foot (4)

I believe the answer is:

gift

'for the present' is the definition.
(I've seen this before)

'joe goes on foot' is the wordplay.
'joe' becomes 'GI' (GI Joe).
'goes on' says to put letters next to each other.
'foot' becomes 'ft' (abbreviation).
'gi'+'ft'='GIFT'

(Other definitions for gift that I've seen before include "Natural talent" , "Offering" , "Donation" , "''Never look a .... horse in the mouth" , "[BOUNTY] ?" .)

I've seen this clue in the Evening Standard.

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