You mentioned your wife is a homemaker, so she does not has any source of income ,right ?
If thats the case then it must be solely you, who would be repaying the loan and hence it is solely attributable to you . In assessment proceedings, you will be treated as the owner of the property.
1. While filing my wife's return, do i need to show half the rent as her income from House property and take only the other half in my name?
No, since the income solely belongs to you. Unless she also repays loan
2. I am claiming the interest on loan us 24 for the first property. Will my wife have any such claim in her return?
If she really repays the loan , then she can but otherwise the benefit should only be opted by you.
3. For the second property(which also is in a joint name), i have paid construction linked Pre EMI for one year and have now started paying EMIs. Possession is expected in 2017. Will all tax benefits start post possession?
Benefit of interest deduction, in 5 equal installments.
Kindly go through this explanation
Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:
4. What is the date considered for Long Term Capital Gain in case of a under construction property? Is it date of registration or date of possession?
It depends on facts of the case and to some extent jurisdiction also, since different HC have different rulings
To be on safe side, you may take latter date. If registeration was substantially delayed then you can take date of possession since solely on the grant of delay of registeration , exemption (if availed at time of selling) should not be denied
Majority Judgements are in favour of possession date as against date of registeration. Do consult someone before selling the property.
5. While deducting TDS on buying of this property, i filled in Form 26QB in my name alone instead of me and my wife. While filing returns of my wife, shall i then ignore this property for income from house property when i get possession later?
Since property is out of your funds only, you are the owner of the property so ignore it.
If you decide to change anything from the above , then you will have to give a simultaneous effect to other parts also [Which I do not recommned at all]