I'm assuming you mean this type of circuit to drive the mosfets: -
It is able to drive N ch devices because it uses a bootstrapping technique.
You won't get 220V AC but about 155VAC. This is because you need a 17V DC power supply to be able to reproduce a 12V RMS sinewave in a H bridge. (12V x sqrt(2) = 17V).
There will be other losses too but I don't expect things to melt. If you are happy that the reverse diodes in the IRF540s are capable of the peak current then this should also be OK. You'll need a fairly large reservoir capacitor across the supply feed from the battery because the kick-back from the transformer pushes energy back to the supply rails.
I'd advise you to try it on 12V DC and see what output level you get then move the supply to something more like 17V if you truly need 220V AC output. I'd also be wary about the 10nF capacitor across the transformer winding connected to the H bridge - try it without this component first.