Hi Jim
A gift is considered as selling the property even though the person giving you the property has not received any proceeds. The capital proceeds for the owner will be the market value of the property ($400,000). In this case, the owner will be liable for CGT, once the property is transferred into your name. The owner's CGT will be $400,000 – ($90,000+any capital expenses).  The owner will also recieve the 50% CGT discount since it was held for more than 12 months.
There is no capital gains tax for you. You will only pay CGT when you do eventually sell the property. The cost base (the amount you are deemed to have bought the property for) is $400,000. For example, if you continue to rent out the property and in 2 years you sold the property for $500,000, you will be liable for a CGT on $50,000 ($100,000 less the 50% CGT discount , since you held the property for more than 12 months). If, on the other hand, you live in the property once the property is transferred to your name (that is, it becomes your main residence) and you sell it , there is no CGT (regardless of when you sell it).
In summary:
There is no CGT payable by you when the property is transferred to your name.