On has more than one meaning in French so there is no single answer to your question.
With the intended meaning (each person does something to their respective someone), that would be:
- Chacun fait un cadeau à sa femme. Each one make a present to his wife.
- On fait un cadeau à sa femme. (generic on) Similar to the previous sentence. The usage is for husbands to make a present to their wives. Etymologically: (L')homme fait un cadeau à sa femme.
- On fait un cadeau à nos femmes. (on for nous) We make presents to our wives.
- Nous faisons un cadeau à nos femmes. Formal/literary version of the previous sentence. We make presents to our wives.
- Nous faisons un cadeau à notre femme. This form is technically incorrect (there are more than one wife) but accepted as it rules out the case where more than one wife belongs to a single husband.
- Vous faites un cadeau à votre femme. (singular vouvoiement/singular) You make a present to your wife.
- Vous faites un cadeau à vos femmes. (plural/plural) You make a present to your wives.
- Vous faites un cadeau à votre femme. (plural/singular) You make a present to you wife. Accepted alternative in order to make clear there is a single wife per person, although it might be argued that it might mean a single wife is shared by several people...
- Ils font un cadeau à leurs femmes. They make a present to their wives.
- Ils font un cadeau à leur femme. (same as nous/notre and vous/votre: accepted alternative to avoid polygamy suspicion) They make a present to their wife.
A couple of sentences are grammatical but do not match the intended meaning:
- On fait un cadeau à ma/ta/sa/votre/vos/leur/leurs femme(s). (on for nous) : A group of people collectively make a present to someone else's wife(s).
- Nous faisons un cadeau à ma/ta/sa/votre/vos/leur/leurs femme. ditto: we make a present to my/your/his/your/their wife(s).
Note that there is no case where we would say ses femmes because that would explicitely mean a single person has several wives.
To summarize, with possessives, you have to take into account the person possessing and both the gender and the number of what is possessed.
| one possessed | several possessed
One possessor, me | mon | ma | mes
One possessor, you | ton | ta | tes
One possessor, him/her | son | sa | ses
Several possessors, us | notre | nos
Several possessors, you | notre | vos
Several possessors, them | leur | leurs
Note that there are a few exceptions where mon, son, ton are used in front of feminine words.
See the OQLF BDL.