The certified flight instructor (CFI) reported that the student pilot had failed the Private Pilot check ride the previous week, and that the accident flight was a flight review for the student pilot. The CFI reported that the student pilot performed the ground reference maneuvers and "lost" procedures within the Private Pilot standards. The student pilot performed a go-around on the first landing attempt because the airplane was too high on final. On the final leg during the second approach, the airplane was on and airspeed. The airplane was left of centerline and about 5 feet above the runway when the student pilot initiated the flare. The CFI reported that the student pilot suddenly relinquished the flight controls without warning, and the CFI attempted to "salvage" the landing. The student pilot reported that he relinquished the controls to the CFI and stated, "Your controls." The right wingtip contacted the runway which resulted in substantial damage to two ribs in the outboard section of the wing. The CFI did not recognize that the wingtip struck the runway, so the flight returned to the departure airport. The damage to the wing was discovered during the postflight inspection of the airplane.