Intelligent ruler wrapping present (7)
I believe the answer is:
knowing
'intelligent' is the definition.
(thesaurus)
'ruler wrapping present' is the wordplay.
'ruler' becomes 'king' (king is a kind of ruler**).
'wrapping' indicates putting letters inside.
'present' becomes 'now' (now is a kind of present).
'king' enclosing 'now' is 'KNOWING'.
(Other definitions for knowing that I've seen before include "Experienced; intelligent" , "Understanding" , "State of awareness" , "Being aware of" , "Meaningful" .)