Gift Tax implications on Gift made to daughter?

We have a residential apartment registered in our name (me and my wife ) and wish to gift the same to our married daughter.

We shall, therefore, request you to let us know the tax implication our doing so will have both at our end and at the end of our daughter.

We shall also request you to guide us about the documents which would be required to be executed to gift the apartment.

Property Gift Consideration into books of accounts?

I received a 2400sft plot as a gift from mom on Nov/2009, Now how should i consider the value into my books since its a gift? a)My mom had purchased it for 15,000/- in the year 1984 or b) The Sub register value on date of the gift was Rs 25 Lacs?

In tally the entries should be like : BY Land property Rs _____ TO Capital a/c______ am i right ?