How many properties can be held by a person in India?

# Tax benefit on payment of interest: An individual may have to maintain two houses at two different locations, which could be attributable to his employment, children’s education and residence for parents, so on and so forth. Hence, for all purposes, the second house property is used as self-occupied.

How many properties can be held by a person?

Thus, a person can have only one self-occupied house property as per the provisions of the I-T Act for the current FY, and he has to pay tax on all other house properties even if they have been lying vacant or occupied by any family member.

Can a government employee purchase property?

In general, there is no bar on purchasing commercial/ residential or any kind of property for a Govt. Employee. The only notable thing is that any such purchase should be in consonance with your source of income and if situation arises, you should be able to show your means to purchase any such property..

Can a government employee rent his property?

(3) No Government servant shall sub-let, lease or otherwise allow occupation by any person, of Government accommodation which has been allotted to him.

Can a person own 2 houses?

The answer is as many as you want and can afford. So there are no restrictions under the tax laws or general laws on the number of houses you can own. But there are certain tax implications in case you own more than one house property.

Can you have 2 residential properties?

It is not illegal to have two residential mortgages; you can have as many mortgages as you like on as many properties. Other lenders may put the interest rate up or insist you switch to a buy-to-let mortgage.

Do government employee need to inform regarding his her movable immovable purchase?

Sub-rule (3), ibid provides that all Govt. servants should give an intimation to the prescribed authority within one month of entering into any transaction of movable property, the value of which exceeds the monetary limits prescribed in that Rule.

Can a government employee buy a car?

“Employees and their spouses of public sector enterprises, central and state government departments including police and paramilitary personnel can avail these special offers on purchase of new vehicles from Maruti Suzuki.

Can a married couple buy two primary residences?

It’s perfectly legal to be married filing jointly with separate residences, as long as your marital status conforms to the IRS definition of “married.” Many married couples live in separate homes because of life’s circumstances or their personal choices. …

Can a married couple each have a primary residence?

The IRS is very clear that taxpayers, including married couples, have only one primary residence—which the agency refers to as the “main home.” Your main home is always the residence where you ordinarily live most of the time. This is because both the credit and exclusion are only available for your main home.

Can I buy multiple houses at once?

You can own as many homes as you can afford If you pay cash or work out private financing with the seller or a hard money lender, there are no limits to how many homes you can own, as long as you can afford to make the payments and maintain the properties.

Is HRA applicable to husband and wife when both are government employees?

This article is a compilation of regulations in various service matters in respect of Husband and Wife when both are Central Government Employees. In case the couple is not availing the facility of government quarters, then HRA will be paid to both husband and wife even if they work in the same station.

Can a foreign citizen buy property in India?

29. Yes, Foreign Embassies / Diplomats / Consulate Generals can purchase and sell any immovable property other than agricultural land / plantation property / farm house in India with prior clearance from the Government of India, Ministry of External Affairs. The payment should be made by foreign inward remittance through normal banking channel.

Is LTC applicable if husband and wife are government servants?

Subject: – Admissibility of LTC when both husband and wife are Government servants and are residing together.

Can a woman save stamp duty on property registration in India?

Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner. “You can save 1\%-2\% on stamp duty, if the property is in a lady’s name.