When you transfer money to your spouse as gift, income earned on such income is taxable in the hands of transferor.
When you transfer money to your minor daughter, income from the same will be will still be clubbed in your income (assuming that your income is more than your spouse's income), but you will get exemption of Rs. 1500per annum per child.
When you transfer money to your major daughter, income from the same will not be clubbed in your income.
It may be interesting to note that interest on interest may not be clubbed.
Since mutual fund dividend or tax free bond incomes are not taxable at all, there is not question of the income being added, however, you may show the same in your return as clubbed income and show exempt.