Have on, taking in wife (3)
I believe the answer is:
own
'have' is the definition.
(synonyms)
'on taking in wife' is the wordplay.
'taking in' is an insertion indicator.
'wife' becomes 'w'.
'on' placed around 'w' is 'OWN'.
(Other definitions for own that I've seen before include "Posses" , "Have in one's possession" , "Keep" , "Be in legal possession of (3)" , "Allow" .)