The saying appears to originate from a misconception. I don't think there is a politically correct synonym , probably the best way is to express the concept with its common definition without any reference to any race:

• a person who asks for the return of a present he has given.

[Indian giver][1]: (US and Canadian)

• (usage): This term, though not commonly used, is usually perceived as insulting. It arose from a misconception about the customs of Native Americans.

(The Free Dictionary) [1]: http://www.thefreedictionary.com/Indian+giver

The saying appears to originate from a misconception. I don't think there is a politically correct synonym , probably the best way is to express the concept with its common definition without any reference to any race:

• a person who asks for the return of a present he has given.

Indian giver: (US and Canadian)

• (usage): This term, though not commonly used, is usually perceived as insulting. It arose from a misconception about the customs of Native Americans.

(The Free Dictionary)