Gift in cash

It is taxable under the hands of recipient

Under clubbing provisions nterest income will be taxable in the hands of wife

FD income will be taxable in the hands of wife.

 In all such instances where nature of asset is changed by the transferee spouse provisions of section 64(1)(iv) are attracted and clubbing of income takes place.

Yes it is taxable under the hands of wife

Clubbing provisions attracts, so same is taxable in hands of wife.

Section 56(2) of the Income Tax provides for taxation of gifts received during the year in case aggregate value of all the gifts, whether in cash or in kind during a year, exceed fifty thousand rupees. ...
If gift exceeds Rs. 50,000/- entire amount taxable, cash gift not exceeding 50,000/- is exempt from tax
As per contract Act gift without quid pro quo- without consideration, that means something for something need no be there, but love and affection even friend can give gift
If gift is immovable property, say house property then clubbing provision will apply, if it is let out then rental income taxable in the hands of donor, if it is occupied by donee notional rental income taxable in the hands of donor