What are the rulings on the Aqiqah, particularly concerning its timing, whether it is permissible to slaughter a gifted sheep as Aqiqah, and whether its meat must be distributed in its entirety?

The legal time for the aqiqah (sacrifice for a newborn) is the seventh day after birth, based on the hadith: "Every child is mortgaged by its aqiqah, which is slaughtered on its seventh day." It is permissible to slaughter a gifted sheep for the aqiqah because it has become your property. It is also permissible to eat from the aqiqah meat, give some as gifts to neighbors and the poor, and keep whatever you wish from it.