Is there be any legal issue in owning multiple properties.

I am 60 year old retired govt employee having 2 working son(both married). I have 3 property in odisha. Wanted to know is there any legal restriction against having multiple property in my name as I dont want to tranfer it to my childrens name as of now.Kindly guide me on this.

Answers (3)

277 votes

Please inform on which basis you got the property . Whether the property is your ancestral properties or you purchase out of your own income or you got the property from the state government . Then it is possible to answer

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207 votes

Dear Sir, There is no legal restriction to have multiple properties in one's name, but you have to show the income or rent so received from the property in your income tax return if your filing income tax return if any and to pay the tax thereof.Similarly you have to pay land tax or holding tax as prescribed.

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345 votes

There is no legal restrictions having several properties provided these properties are purchased through your genuine income and money.U must have paid tax as per provision of Income tax.There r various ways to invest in landed property

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