Gift Tax Exemption interpretation in case of Property Sale Proceeds

1. If our father, a super senior citizen aged 87 intends to gift sale proceeds from his property sale for consideration of ₹ 75,00,000 to us, his two sons, would the entire amount be tax free for him as well as to us?

2. CA has calculated ₹ 8,40,000 as the tax on this sale proceeds considering LTCG with indexation benefit @ 20% rate, so if this calculation is correct, and if th ed remaining amount of ₹ 66,60,000 gifted equally to us will be tax free in our respective hands?