Gift to Daughter

Not taxable  in your daughter's hand because  daughter comes under the definition of relatives. and for you its not taxable transation you will not get any deduction for giving gift .your income will be computed as normally computed ignoring the gift element.for eg :yr income is 10lac and you are gifting 5 lacs out of it then you will hv to pay tax on 10lacs. gift will not affect your taxable income.