Clubbing of income

1. In the given case, once husband gifted the property to his wife it will be covered u/s 64(1)(iv) and sec 56(2)(x).
2. Wife being a relative will not be charged to tax when the HP is transferred as a gift (for inadequate consideration) as per sec 56(2)(x). 
3. As per sec 64(1)(iv), income arising out of such asset will still remain to be taxed in the hands of the transferor(husband). So husband being a transferor will be the rightful owner of the property. 
4. At the time of sale of such gifted house property, the rightful owner will be liable to capital gains tax. This is for a simple reason that husband is the rightful owner and income from such property is getting taxed in his hands. There is no specific explanation given with respect to the transfer of gifted property. But looking the scenario from sec 64(1)(iv) income getting taxed in one hand and LTCG getting taxed in another's hands will not be a logical view. Hence LTCG will remain to be taxed in the hands of a husband in the above case. 
Please correct me if the above interpretation has an alternative view.