Flower, gilt edges removed, clutched by gutted lady (4)
I believe the answer is:
lily
'flower' is the definition.
(I've seen this before)
'gilt edges removed clutched by gutted lady' is the wordplay.
'edges removed' means to look at the middle letters.
'clutched by' indicates putting letters inside.
'gutted' suggests removing the centre (to gut something is to remove its insides).
The central letters of 'gilt' are 'il'.
'lady' with its middle taken out is 'ly'.
'il' going into 'ly' is 'LILY'.
(Other definitions for lily that I've seen before include "Plant with showy pendulous flowers" , "Fragrant flower" , "Girl's name - plant with hanging flowers" , "Easter flower" , "Tiger -; water -" .)