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Unredeemed gifts may be refunded within the standard 14-day/two-hour refund period. Redeemed gifts may be refunded under the same conditions if the gift recipient initiates the refund. Funds used to purchase the gift will be returned to the original purchaser.
http://store.steampowered.com/steam_refunds/
"We see you have refunded several purchases in a short period of time."
Something to that effect. They will only remove the ability to refund games if you seriously abuse the policy. That is what it says on the refund page.
Abuse
Refunds are designed to remove the risk from purchasing titles on Steam—not as a way to get free games. If it appears to us that you are abusing refunds, we may stop offering them to you. We do not consider it abuse to request a refund on a title that was purchased just before a sale and then immediately rebuying that title for the sale price.