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- How many flats or houses can one possess in one's name?
07-Oct-2023 (In Property Law)
I would like to obtain the answers of the following queries: (1) How many flats & houses can I posses in my own name ? (2) How many flats & houses can my wife possesses in her name separately ? (3) How many flats & houses can we both Husband & Wife posses in our names jointly ?
As per the law in force in India, there is no specific limit on the number of flats and houses that an individual or a couple can own. However, the number of properties that a person can acquire may be subject to various legal and financial implications such as taxation, stamp duty, and registration fees.
The ownership of the property is determined by the title documents, and the individual's name mentioned in those documents is the legal owner of the property. An individual can hold any number of properties in their name, subject to compliance with applicable laws and regulations.
Similarly, there is no specific limit on the number of flats and houses that a wife can possess in her name separately. The ownership of the property is determined by the title documents, and the legal owner of the property is the person whose name is mentioned in those documents.
Husband and wife can jointly own any number of flats and houses subject to compliance with applicable laws and regulations. The joint ownership can be either in equal or unequal shares, as agreed between the parties. In the case of joint ownership, the legal ownership of the property is determined by the title documents, and the share of each party is mentioned in those documents.
Adv. Siddhant Sharma
Delhi | 200+ Answers
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Can I sell two properties and buy one?
Section 54 does not restrict the claim of capital gains on more than one residential property. You can therefore time the sale of two residential homes so that you are able to claim exemption under section 54 by buying a single residential property. 13-Feb-2023
Can we claim 2 houses as self occupied?
According to the Income Tax Act of 1961, a homeowner may list up to two homes as being self-occupied in their income tax return. 29-Jun-2023
How many property a person can own in India?
In India, there are no legal restrictions on the number of properties a person can own. However, multiple homes come with their own set of rules and regulations. Indian laws and policies regulate the market for real estate and protect property owners rights. 03-Nov-2023
Can 3 people buy a house in India?
In India, yes, several individuals who are Indian citizens may be co-owners of a piece of real estate or property. Indian law allows multiple owners to own property, whether they are family, friends or business partners.
There is no restrictions on possessing any number of flats and houses,either under any Civil Law or under the provisions of Indian Income Tax Law,1961.
Prior to 2016-17 one had to pay Wealth Tax,if the total valuation of houses and other assets exceeded 30 lakhs,but now it has also been abolished.
The only thing is that if u own multiple houses and all are occupied by you,for tax purposes only one can be treated as self occupied ,and for all other houses notional fair rent will be assumed and be taxed accordingly.However if all are let out then one will be treated as self occupied ,(and there are benefits of tax in self occupied property)and on the rest tax will be calculated on actual house rent received.
But if all are let ou
Adv. M W Zaman
Kolkata | 25+ Answers
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In India, there are no limitations on the number or types of properties that an individual may own. There are some rules in India for purchasing property after you have sold the property. Capital Gains Tax is one of them.
Adv. Chikirsha Mohanty
Delhi | 200+ Answers
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- self-occupied property and let out property
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