Considering the case mentioned here by you, it is very difficult to understand your modus operandi, that why did you frame such a transaction as it does not solve any of your purpose but instead complicates the same.
1. If the Sale transaction is executed and the Sale Deed is made in the name of the wife, then Capital gain shall arise. As you explained that the property was purchased 2 years ago, then it shall fall under the Short Term Capital Gain transaction and will be taxed as per Slab Rate.
No Tax saving investment measures can be adopted.
2. Wife is not liable to Tax unless she pays you the money. If she does, then the source of the money will have to be explained.
But if she doesn't then Clubbing provisions shall be applicable and you will be the deemed owner of the house.
And I assume that the Sale Value of the property is higher than the Ready Reckoner Stamp Duty Value, otherwise the difference between the Sale Value and Stamp Duty Value shall also be taxable.
Hope this clarifies your Query.
Feel Free to get back for any further clarifications.
CA Rohit R Sharma.