How to Use Laptop/PC as WiFi Hotspot in Windows 7, 8

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Many of you will have broadband or any other types of high speed internet connection in PC. Laptops users may use 3G dongles. Even though new laptops comes with inbuilt WiFi there is not hotspot in it. What if you want to share the internet in Laptop or PC with a mobile or tablet. Normally you cant use the internet in Laptop/PC. So we have to create Wifi hotspot. Android mobiles comes with hotspot feature. Then why not our Laptop or PC can't do it?? No special hardware is required for it. Surely we can create WiFi Hotpsot in Laptop or PC.