Income tax benificial from house property

My wife and mother in law (both are not having a permanent income from any source) jointly have one land, wherein we planned to construct a home for rental purpose with obtaining loan from bank. Myself will be the joint loan applicant, and I have to pay the emi.. Here I have few questions.. 1)Is it benificial (in terms of income tax,) if I transfer the land on my name and apply for the loan, so will get tax excemptions.. 2)in this case am increasing my wealth, I may have to show the rental income also. 3)for a long run will it be okay, am a salary earner from one of private company. Or 1)let the property on my wife name and take a loan, and not claim for IT benifits.. Pl advice considering future