Hi Vivek
Firstly, if your father bought the property, then it is not the ancestral property and it his self acquired property. Even you do not have the first right over that property, as it is his self acquired property and he can do whatever he wants with that property, he may gift to someone else, sell it, etc.
Wife only has share in the ancestral property and not the self acquired property. Lets say if your father is no more and he has not made any will for that property, then being a legal heir the property transfers in your name. Now there is a simple concept - whatever belongs to husband, the same belongs to wife. So if the property has come to you, your wife will also have the share to it.
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