Regarding Resident US Citizen with OCI card transferring gift money to her US citizen daughter living in US

Status: I got my US Citizenship in the 2nd quarter of 2012 and have a valid OCI Card. I came to India in the first week of Aug 2012 and have stayed in India till April 2016. Since my stay in India was more than 3 years (in the last 5 years i.e., upto Jan 2016), I get the status of ‘normally resident’ in India and so eligible to do all normal banking operations like an any other Indian. I have no regular income except the interest on bank FDs that is well within the Indian IT waiver limits and didn’t submit any IT returns as advised by CA. However, I have got savings of my own earnings while I was in service (Govt employment) and retirement benefits on taking VR in July 2006. Subsequently, I inherited about Rs 30 lakhs after the demise of my mother-in-law in Dec 2015.

1. Now, I intend to gift some of my savings and Pensionary benefits amount along with complete inheritance amount to my daughter who is a US citizen living in US. Will this gift attract any taxes in India as well as in US for me as well as for my daughter? if so, what are limits for the gift amount and the taxation in both the countries for both Donor (myself) and Donee (my daughter)?

2. What are the best modes for the economical transfer of Gift amount?

3. Any other related inputs that I need to know of may please be mentioned.