The clubbing provisions for transfer of assets to spouse are not applicable in the following situations:

• If the transfer of asset is for adequate consideration;
• If the transfer of asset is in connection with an agreement to live apart;
• If the asset is transferred before marriage, no income will be clubbed even after marriage, since the relation of husband and wife should exist both at the time of transfer of asset and at the time of accrual of income;
• If on the date of accrual of income, transferee is not spouse of the transferor (i.e. the relation of husband and wife does not exist).​

Out of these, the first point is preferred by most of the people. Though it may concern you how the consideration will be paid, it is quite simple.

Give a loan to your wife, equal to the value of the property (or less) on paper. No need for real funds to flow. Then transfer the asset to your wife for the consideration.

She can claim deduction for the interest she paid to you, claim all the income from house property, all the while showing a loan in her balance sheet, and an advance in yours.

Later, at a fictitious date, she will pay you back the loan, on paper. And there you go, problem solved.

Disclaimer: The Income tax department is not easy to fool. The more the people make such attempts, the stronger they become (they cover loopholes, you know). Worst case scenario, you may get caught in scrutiny and made liable to pay tax along with interest and late fees. Don't try this at home.

Use the services of a professional, or pay the tax that is due in your hands. That's all I can say.