Gift settlement deed

 Here are some key points to consider:

1. Gift Settlement Deed: This is a legal document that transfers ownership of the property from your mother-in-law to your wife. 

2. Witness: Your sister-in-law can indeed sign as a witness, but ensure she is aware of the transaction's details and implications. 

3. Other properties: If your in-laws have additional properties, it's crucial to clarify whether they intend to transfer all or only specific properties to your wife. 

4. Equal share: As your wife's husband, you may not automatically receive an equal share in the property.

The property will be transferred to your wife's name, and she will hold ownership rights. 

6. Stamp duty and registration: Don't forget to pay the necessary stamp duty and register the gift settlement deed to make it a legally 

If you are planning to pay consideration amount towards this property then it would be better that you buy it through a registered sale deed which can prevent future litigation.

Thanks Rama Chary and Kalaiselvan Sir