This gift will do for now (7)
I believe the answer is:
present
I believe this clue is a double definition.
'this gift' is the first definition.
(present is a kind of gift)
'now' is the second definition.
(the present time)
'will do for' is the link.
(Other definitions for present that I've seen before include "A Christmas gift" , "See 12" , "able to be registered" , "Introduce formally" , "Gift; time now; here" .)