In order to come up with an alternate title for the wonderful inspirational Christmas short story "The Gift of the Magi" by O. Henry, we need to understand the plot of the story and what the writer is trying to say. I assume that if you have this assignment you have already read the story, but let's go over it quickly just to refresh our memories.
"The Gift of the Magi" tells the story of a couple, Jim and Della, who love each other very much and want to get each other Christmas presents. However, they are poor and can't afford expensive gifts. Each of them has something they feel is more valuable than anything else they own. Jim has a gold watch, and Della has lovely hair. Della sells her hair to purchase a platinum fob chain for Jim's watch, and Jim sells his watch to purchase a set of tortoise shell combs with jeweled rims for Della's hair. The sacrifice that each makes for the other renders the gifts unusable, but O. Henry's point is that they have so much love for each other that they are each willing to give up the material things that they value most. That's why in the end Jim and Della's gifts are compared to those of the magi:
And here I have lamely related to you the uneventful chronicle of two foolish children in a flat who most unwisely sacrificed for each other the greatest treasures of their house. But in a last word to the wise of these days let it be said that of all who give gifts these two were the wisest. O all who give and receive gifts, such as they are wisest. Everywhere they are wisest. They are the magi.
So when you think of alternative titles to this wonderful story, think of the love between Jim and Della and the sacrifices that they made for each other. Some examples of alternate titles might be "The Gifts of Love" or "Love's Sacrifices" or "The Real Magi." I'm sure you can come up with others.