Such a gift will do for now (7)
I believe the answer is:
present
I believe this is a double definition.
'such a gift' is the first definition.
(I know this)
'now' is the second definition.
(the present time)
'will do for' acts as a link.
(Other definitions for present that I've seen before include "Introduce formally" , "in a particular place" , "It is given" , "Serpent (anag.)" , "Give - what's received at Christmas?" .)