Tax implication on gifted property


My father had bought flat in 1979 for Rs 1 lac. I have inherited entire flat upon my father's demise. Its present value is about Rs 2 crores. I am retired, plan to sell the flat in near future and go to native place. I do not want to buy another house as I have a house in native place.

To save from paying heavy LTCG tax, can I donate 75% of my share i.e., 25% to each - my mother, daughter (NRI) and wife? When WE will sell it after 3 years of gifitng, can each of us invest 50 lacs max permissible in CG Bonds thereby saving CG tax.

What will be the cost of acquisition to each donee? 

Thanks for your guidance.

 
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