The gauge pressure is the difference between the pressure at a given depth \( h \) and the atmospheric pressure. The atmospheric pressure \( P_0 \) is the pressure at sea level, and the pressure \( P \) at depth is the sum of the atmospheric pressure and the water pressure due to the column of water above.
Therefore, the gauge pressure, \( P_g \), is given by:
\[
P_g = P - P_0
\]
This formula gives the pressure that is in excess of the atmospheric pressure at that depth.
Thus, the correct answer is \( P - P_0 \).