What happens if I refund a game bought with gifted steam digital card?

Maybe this has a very clear answer that I have missed. So I would appreciate it a lot if someone could help me with this question.

I was gifted a digital steam gift card through steam. I redeemed it and it got added to my steam wallet. I bought a game.
Now I wish to refund the game.

Here is my confusion. Would the refund go back to the gifter or would it go back to my steam wallet?
It would be a bit awkward for me if it went back to the gifter.

I rarely refund a game. I think I refunded a game once. Even then I refunded it to buy it again because I had bought the wrong edition by mistake.
And honestly, the refund may not even go through in this case. But I wanna be sure about my question before requesting the refund.