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Tax on sale of gifted property

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(Querist)
26 September 2015 My father had bought flat in 1979 for Rs 1 lac. I have inherited entire flat after 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? Whenever WE will sell it, may be after 3 years of gifitng, can each of us invest 50 lacs in CG Bonds to save CG tax.
What will be the cost of acquisition to each donee?
If donee will sell it before 3 years then will the profit be considered as Short term cap. gain?
Thanks for your guidance.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 September 2015 You can do it but the donation to your wife will be clubbed in your hands,
No waiting period of 3 years required.
The cost of acquisition will what it costed to your father.
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Amol S Joglekar

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Amol S Joglekar (Expert)
26 September 2015 probably you are trying to over come the limit of 50lakh for CG bonds?
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