Union Government
(1) The President shall not be a member of either House of Parliament or of a House of the Legislature of any State, and if a sitting member is elected President, he is deemed to have vacated that seat. (2) The President shall not hold any other office of profit. (3) The President shall be entitled without payment of rent to the use of his official residences and shall be entitled to such emoluments, allowances and privileges as Parliament may determine by law. (4) The emoluments and allowances of the President shall not be diminished during his term of office.
Once elected, the President must give up any seat in Parliament or a state legislature and cannot hold any other paid government position. The President gets free official residences and a salary/allowances fixed by Parliament, which cannot be reduced during that President's term - protecting the office from political pressure through pay cuts.
If a sitting Member of Parliament is elected President, they automatically vacate their parliamentary seat the moment they take the presidential oath - they cannot hold both positions simultaneously.