Tax on Inherited Property

I am inheriting a property from my grand father around 10000 sq ft. The cost of that property will be 4 crores rupees. I want to sell that property, how can i save taxes. According to my calculation using CII, the capital gain would be around 3 crores. As far as i have read I can save taxes by investing in specific bonds and can buy only a single property. So if i buy some property for 1 crore and invest 50 lakh in bonds, the capital gain will be 1.5 crores. The tax will be 20% of 1.5 crores i.e 30 lakhs, plus Surcharge - 10% of 50 lakhs = 5 lakhs and 15% of 20 lakhs = 3 lakhs. So total tax will be 38 lakhs. QUESTIONS- 1) Can i claim tax benefit both by investing in bonds and purchasing new property? 2) Also can i sell half of that property in one financial year and buy a property and bonds saving tax and other half in next financial year and buy one more property and bonds. But i saw maximum that i can invest in bonds are 50 lakhs regardless of financial year. In this case i will have to give very less tax. Is this a feasible scenario? 3) After inheriting that property instead of registering it in my name i sell it to someone. Is this even possible and will it help me save tax. 4) After inheriting that property, i can gift that property to my wife and son through gift deed and they can further sell that property and individual user can buy property and bonds which will eventually lead to save tax. 5) Is any one of my above understanding is incorrect.