How to politely and humorously refuse gifts from others?

Thank the other person's words+describe the value of the gift+clearly and resolutely refuse+explain the reasons+express regret.

Thank you for your intention to prepare a gift for me. I'm glad to receive it, too. But when I was a child, I just didn't take other people's things easily. My parents gave it to me. I'm really sorry to cost you money. Although this is not good, I hope you can take back the gift. I appreciate your kindness. Thank you.

Reasons for refusing gifts from others

1, the gift is too expensive to bear.

2. Gift is a burden to the giver.

What does the giver want from you, but he can't promise 100% return.