I sold a flat in Kolkata in June 2017 which was acquired in2011. I am investing the sale proceeds in constructing a building in a vacant plot belonging and registered in my husbands name. Is it okay to invest in my husbands plot from taxation point of view. Further what action is required to be taken for investing money in vacant plot belonging to husband
1 Answers
Hi,
You may give the sale proceeds as GIFT to your husband and he then can use the amount for construction purposes.
In this case, Gift is a tax-exempt.
You may also become a joint-owner of the property (if you intend to be so..). For this, your husband can execute a Gift Deed by declaring a share in the vacant plot (property).
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