I have a very limited hard disk space
Is it possible to install
tasksel on a USB disk for example?
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Nope. "tasksel" will use the pre-defined locations for files for installing. Any installation method in Ubuntu for installing a complete desktop will be into the default location unless you want to install it compiling it all yourself.
The are some easier alternatives.
If you have 2 USB sticks you could download the ISO to 1 stick and install it onto the other one using the "startup disk creator".
Or create 2 partitions on the USB stick (1 just large enough to store the ISO) and then install onto the 2nd partition (see Live USB on a 2-partition usb-drive )