Immovable Property Sale proceeds gift to my Wife by my brother - IT tax impact

We are 3 brothers, all married and 45 year +. Our mother expired in 2001 and post that our ancestoral property was transferred to my yonger brother fully. My father is alive and lives with my 2 brothers. As property is very old, recently it was sold and entire proceeds were received in my younger brother account. Consent of other 2 brothers including Self and Father was taken as part of entire transaction. We checked and understood that there will be no LTCG on this transaction or very minimum which my younger brother will pay. Entire proceeds were 1,30,00,000 and it is decided that all brothers will get 40,00,000 each and remaining 10,00,000 will remain with my father and it will also be used for any expenses in the transaction or some LTCG if needed. Question is what if this proceeds or my share of 40,00,000 is transferred in my Wife A/c who is a house wife by my brother via cheque transfer? -- i am assuming my Wife and show this as gift/income in IT return and it will be non taxable. However if some income in generated from this 40L e.g. FD interest then it will be taxable and my Wife needs to pay. Is this understanding right? -- anything else need to be done?