By having sexual intercourse for the first time, you lose or "break" your virginity, and by having sexual intercourse with someone else and it's their first time, you take or "break" their virginity.
The term is usually meant for females, however, when referring to the breaking or tearing of her hymen; her hymen is not her virginity but is often associated with it, and it should be noted that not all virgin females have their hymen.
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You break his virginity when he has his first orgasm with a female or male partner.
You can't take back virginity; once you give it to someone, it has been taken and can't be reversed.