Gift deed

We live in a joint family setup in a house registered under my name but half paid by my dad from his retirement money and rest paid by me in EMI as part of home loan ..(Idea was that I will be able to save income tax ). We bought this property 7 years back and I got married 4 years back , last 3 years my wife and I are having some differences and recently she threatened to kick my parents out of the house as she is aware that house is under my name even though half money was paid by my dad. I am still paying the emi's and would like to transfer the property to my parents so as to provide them a roof over their head if my marriage does not work out. What will be a good option .. should I sell the property and ask them to buy a new one or just sign a gift deed to my mother.? Can my wife ask for the house after the gift deed.