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