About gift

As cash is not a Immovable property as per Transfer of property act, such gift can be made with out registered instrument. Cash gift to his wife is appropriation after tax(It is not exempt) and such gift is exempt in the hands of wife also. But any income arise from such gift will be taxable in the hands of transferor even though both are Income tax assessee's. So in your case if wife transfers property purchased out of gifted money and if such property is sold then any capital gain arise will be taxable in the hands of husband. and coming to Tally entries in first instance

In the books of both husband and wife is as follows

Tally entries: Gift(Expenditure) a/c Dr To Cash or Capital a/c Dr To Cash a/c

Such gift need not to be shown in balance sheet.

Entries will not change whether gift is made to brother or wife