Buying from relatives

Ok people,

I purchased a house from my father 6 years ago for $180,000. now, I did not actually go and get finance for it as I was to young at the time so just continued to pay ‘his’ loan off and payed him the difference.

now that the difference is payed off, I(well, my father) owe’s the bank $120,000. dad actually paid $140,000 for the house in 1996. property is worth around $380k ???

I will be putting the property into my wife’s name.

what is the best way to tackle this in a view to reduce capital gains tax ?

should I go scouting for valuers that will give me the lowest amount ??

is ‘gifting’ a better option etc ?

Thanks in Advance.