Capital Gain of one plot being used for construction of another plot.

[rajesh agrawal]

Hello everyone,

A Plot has been sold in the name of husband . In the same year construction is to be done on another plot which is in the name of wife. Can the capital gain in the name of husband be used for the construction of plot in the name of wife, to save tax ?

Thanks in advance

AI Summary

Capital gain reinvestment: whether a husband's sale proceeds can fund construction on wife's plot to obtain tax benefit. Whether capital gain from sale of a plot in the husband's name can be applied in the same year to fund construction on a plot titled in the wife's name, with the aim of obtaining tax benefit by treating the expenditure as reinvestment of capital gains.