Eid al-Fitr, often abbreviated to Eid, is a Muslim holiday that marks the end of Ramadan, the Islamic holy month of fasting (sawm).
Eid is an Arabic word meaning "festivity," while Fiṭr means "breaking (the fast)", says Wikipedia.
The holiday celebrates the conclusion of the twenty nine or thirty days of dawn-to-sunset fasting during the entire month of Ramadan.
Muslims are commanded by God in the Qur'an to complete their fast until the last day of Ramadan[3] and pay the Zakat al-fitr before doing the Eid prayer.
Eid ul-Fitr is celebrated for one, two or three days. Common greetings during this holiday are the Arabic greeting ‘Eid Mubārak ("Blessed Eid") or ‘Eid Sa‘eed ("Happy Eid").
After prayers, Muslims visit their relatives, friends and acquaintances or hold large communal celebrations in homes, community centers or rented halls.
Gifts on eid (called eidi in some cultures) are frequently given to children and immediate relatives; it is also common in some cultures for children to be given small sums of money by adult relatives or friends(eidi).
Eid ul-Fitr marks the end of the fasting month of Ramadan. This has to do with the communal aspects of the fast, which expresses many of the basic values of the Muslim community; i.e., empathy for the poor, charity, worship, steadfastness, patience etc. Fasting is also believed by some scholars to extol fundamental distinctions, lauding the power of the spiritual realm, while acknowledging the subordination of the physical realm. It also teaches a Muslim to stay away from wordly desires and to focus entirely on the Lord and thank him for his blessings. It is a rejuvenation of the religion and it creates a stronger bond between the Muslim and his Lord.