Hi Aashish,
It is definitely something on your end, but I don’t know where the problem lies exactly (although it sounds like it might have to do with your System Memory). There is nothing wrong with how you set it up, because it Bakes fine for me (I didn’t change anything, just pressed Bake).
As far as I know, Blender only uses the CPU for Baking.
Have you found the Crash log (that Blender Manual page I linked to, tells you where it is/should be) yet?
