Is it Okay to Re-Gift a Gift Basket?

Just pull off the name tag and hand it to someone else? Is that okay to do if you receive a gift basket that you don't want? There's no sense in re-wrapping it right, just change the name on the give and hand it to someone else. Is that okay?

We all get well meant gifts from family and friends that we really don't want or need. What if someone gives you a gift bag of food you don't eat or you are allergic to? Should you just throw it away or is it cool to change the name tag on the basket and give it to a friend or relative? Obviously you don't want to do it at the same event or with someone that may run into the person that gave it to you.

My mom used to buy perfume every year. I didn't have the heart to tell her that I was allergic to it so I just kept all of the bottles in the fridge just in case my circumstances ever changed and because I wanted to preserve the perfume since it had sentimental value to me. Finally one year I told her that I was suddenly allergic to all perfumes. I don't think I ever told her what I had done. Most of those perfumes I kept for ten years or more.

What do you think the guidelines are for re-gifting?