Can i give my application to another person ?

You can gift an app (or a song, album etc) from the store (via your computer's iTunes, it doesn't appear to be possible on iOS 6) to another person - but you can't gift or transfer something from that you have bought for yourself and is in your library i.e. you can only gift from within the store, not your purchase history.

Gifting items : http://support.apple.com/kb/HT2736

You could essentially give the app to another person if you were signed into your Apple ID in iTunes and App stores and downloaded it from the history (App Store> bottom right hand side "updates">purchased> download that app.

They will need to know your password or you will need to enter it if there are any updates. You can put your Apple ID on up to ten devices. (designed mostly so families can share)