Inspired by a close reading and discussion of Jacques T. Godbout’s work Ce qui circule entre nous. Donner, recevoir, rendre (Le Seuil, Paris, 2007), this article aims to bridge the gap between two kinds of scholars. On the one hand, it draws the attention of psychoanalysts on donation; on the other, it informs anthropologists and sociologists interested in this question on how psychoanalysis can cast a new light on it. We present the reader with some fundamental results of J. T. Godbout’s research, yet mentioning how they may sometimes be confronted to some limitations that psychoanalysis could tackle through a Paradigm of gift. Thus we expand on some psychoanalytical notions that prove interesting in order to grasp this notion: renouncement, sacrifice, animism, contact, third person, unconscious, symbolical dimension, being versus having, absence versus presence, identification. This article dwells to a close with a clinical illustration of the function of donation for the subject and his/her pathologies, proceeding from the fundamental concept of Phallus.