Hi Neerav Shah,
Although you are the legal owner of the property, your wife is the benefifical owner and as such, she will be taxable both on the income from the property and capital gains arising from the propertie's disposal.
This should be done within 60 days of the completion date.
There is a capital gains calculator here:
Capital Gains Tax,
Which also includes instructions on registering for a capital gains account, to report and paid the tax due.
Thank you.