In the days of old, especially in the South of India, having an elephant tethered in your backyard was the ultimate mark of wealth and glory. Somewhat like owning a Bugatti Veyron today.
So if you want to untether that elephant & gift it to someone also, its okay. But giving them (false) hope? Nevver do like thatandall!
The Malayalam version is: aana koduthalum aasha kodukkaruthu!
And Kannada: Aane kotru aase kodbardu!!