The I T Act does not recognise diversion of income without actual transfer of source of income. So even if you execute Hit Tyag Deed, it will not serve any purpose. For further innformation, even if you gift the flat to your wife, the rental income therefrom will still be clubbed to your income as the property was transferred to spouse without adequate consideration.
Dear Anil Ji, Hit Tyag Deed or any other document by whatever name called is nothing but an instrument by which beneficial interest in an asset is relinquished or transferred without actual transfer of asset. Income Tax Act deals all such transactions and other transfer of income/ assets to specified relatives under clubbing provisions (sections 60 to 65).