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)
