How many web.config file can be taken

I think no limit. Each and Every folder and subfolders can have their own web.config file.

But i suggest you, to have only one web.config file in application, because web.config files may override each other. it will result in confusion. 

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You should have only one web.config. but in sub folder you can have one web.cofing to set configuration of that folders. example if your application have 3 folder then 4 web.config have in your application.

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