Contemporary gift given to daughter away on vacation (7-3)
I believe the answer is:
present-day
'contemporary' is the definition.
(I know that contemporary can be written as present-day)
'gift given to daughter away on vacation' is the wordplay.
'gift' becomes 'present' (synonyms).
'given to' means one lot of letters go next to another.
'daughter' becomes 'd' (genealogical abbreviation).
'on vacation' suggests removing the centre (after the inside letters have vacated the word).
'away' with its centre taken out is 'ay'.
'present'+'d'+'ay'='PRESENT-DAY'
(Other definitions for present-day that I've seen before include "Current time" , "Contemporary" .)