Joy, Generally, you could say "I hope you like it" when you give a gift. You wouldn't need the conditional "may" because the "hope" already expressed that desire. You could also say "I hope you enjoy it" but "I hope you like it" is perfect.

I usually say, "I hope you like it."

it’s not grammatically incorrect to say “ I hope you may like it”, however that doesn’t comply with the norm by which people express their feelings, a more appropriate way to say is “ I hope you like it”.