The income earned on properties gifted to the spouse will be clubbed with the income of the transferor. However, the income earned on the reinvestment of income will not be clubbed and such income will be the income of the spouse, in whose favour the property was gifted. Thus if you transfer property, the rental income will be clubbed in your hands but the interest earned on the investment of rental income earned by your wife will not be clubbed in your hands and it will be her income only.
You may gift money to your wife who will invest such money in FDRs with the Bank. The interest earned on the deposits will be clubbed in your hands but the interest earned on reinvestment of such interest will not be clubbed in your hands and she will be paying tax on such interest.
As you are in high tax bracket, you may invest in financial instruments such Mutual Funds and Shares in reputed companies, yielding dividends. The dividends are exempt from tax and your effective return may be more or less equal to the pre-tax returns, if not more. Further, considering the scope for market appreciation in the long run, you may have long term capital gains, which are exempt, if traded through stock exchanges.