The ability to gift games like on Steam has long been a request on Xbox and it seems that plans are made for the feature to come into play. While no official timeline was given, Majornelson jumped into a Reddit threat about it and offered the following statement, "It's a feature that the store team wants to deliver. I don't know when, but they want this feature as much as you do. We will get it - I just don't know when."
That's comforting to hear as it would be nice to buy a game for a friend as I've done it many times on Steam for others and likewise others have gifted me games. From a business side of things it makes no sense not to allow the option as there's money to be made and on Steam it works perfectly well. Majornelson also later commented on the state of the Xbox Store with, "The store is far from feature complete. They've got a lot of things they're working on :) ". Which I can certainly agree on since the store is in poor shape which is odd considering that's the heart of where they make the most money. Whatever the case, it's nice to see this being something that's coming in the future and it'll be nice to send some friends gifts. I've also added the Xbox Onesie as the picture below since I always look for an excuse to include it, would kill for one of those.
The Reddit Thread