What are the legal formalities involved in executing a gift deed?

I had purchased the agricultural land jointly with my cousin brother in 2015. But due to the non-existence of his Shetkari Dakhala the name transfer process on 7/12 has not been done till date. Now with our mutual understanding, my brother is ready to give up his share of the land. & I want to add my wife's name to this land (she is having the Shetkari Dakhala). Can we process the Gift deed (between my brother & my wife) of the land first & then go for the 7/12 name transfer application process? Or should we first get done the name transfer in 7/12 (by opting my brother's shetkari dakhala) & then go for the gift deed? Please guide.