How income tax rule applies if husband buys plot in the name of his wife?
Income tax expert Balwant Jain believes that purchase of the other plot by you in your wife’s name will be treated as gift made by you to your wife
I had purchased two adjacent plots in March, 2003 for ₹6 lakhs each. One was purchased in my name and the second was purchased in my wife’s name. I had paid for both these plots. Now I want to sell both the plots and expect to get around ₹75 lakhs. I am a salaried person and my wife is home maker. How can we get exemption from Long term capital gains on sale of these plots? I own two residential flats in my name.