It's okay to gift games I dont own?

I meant own in my steam account. I would own the code if I was giving away the code.

Entirely fine. Just make sure you don't accidentally activate it.

You can make a giveaway for (almost) any Steam game in the form of a key, a gift in your inventory, or buy as a gift to the winner when the giveaway ends. Many people, including me, give away leftover games from bundles that they aren't interested in and they don't own.

Nice, thanks for helping. :)

Totally fine. Many, my included. Give away games they don't really want. So long as you don't accidentally redeem the codes, it is all good.

For sure. I've done it several times for God of War and I don't own the game yet. I've done it for other games I wanted to play because it was picked by our Group/Discord members.

No problem, you can.
Maybe what you remember is seeing a few fake GA's on big games being given away by brand new accounts being called out by the community as ''The game is not even on the gifters account'', but there is no rule against it - it is just another nail in the coffin towards identifying a fake GA.

Clarification: Calling out is no longer allowed, if you think a GA is fake, report it.

As long as you're not giving away a game you won here because you didn't want it, then that's fine :D