Musical instrument, extravagant present? (7)

I believe the answer is:

serpent

'musical instrument' is the definition.
(serpent is a kind of musical instrument)

'extravagant present?' is the wordplay.
'extravagant' indicates anagramming the letters (I've seen this in other clues).
'present' is an anagram of 'SERPENT'.

(Other definitions for serpent that I've seen before include "Tempting" , "Instrument of the past" , "Large snake; sly person" , "Present (anag.)" , "Snake - old wind instrument" .)

I've seen this clue in The Independent.

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