Money transfer by Husband to Wife by Cheaque

If rupees One Crore or more amount transfered by Husband to Wife by Cheque and Wife filed ITR as per limits available to an individual for three Assessment Years. Husband filed his own ITR separately using his Income Tax limits and exemptions.

Can it be shown as Gift or Loan ? and can Husband save Tax by utilising Wife's Income Tax limits ?

If not what will be repercussions ?