Corporate Law : Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Object...
Goods and Services Tax : Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the...
Income Tax : The old age may be, financially, a golden period of your life or the worst part of your life depending on whether you have accumul...
Goods and Services Tax : In light of the recent notifications, Act amendments, It is highly advisable to plunge into the changes and understand their impli...
Income Tax : Benefit of reverse mortgage scheme is that even if the property is mortgaged the person still can reside in that property. Section...
Income Tax : The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National H...
Income Tax : Notification No. 79/2013 - Income Tax 5. Disbursement of loan. - The approved lending institution may disburse the loan, - (a...
Income Tax : NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan ...
Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Objectives Basic objective of this act is to formulate rules, regulations and procedures for transfer of property. Scheme of the Act Transfer may take effect by 2 different ways 1. Transfer by Act of Parties. […]
Suppliers of service by way of renting of any motor vehicle designed to carry passengers where the cost of fuel is included in the consideration charged from the service recipient have an option to pay GST either at 5% with limited ITC (of input services in the same line of business) or 12% with full ITC.
The old age may be, financially, a golden period of your life or the worst part of your life depending on whether you have accumulated enough to meet day today expenses after your retirement. Due to gradual decline of joint family system in India couple with rapid urbanization and the increasing trend of children staying […]
In light of the recent notifications, Act amendments, It is highly advisable to plunge into the changes and understand their implications on our business therefore there are various palaces on few major changes that GST has undergone, and the impact it could have on the GST returns in the year 2019. (a) RCM on Security […]
Benefit of reverse mortgage scheme is that even if the property is mortgaged the person still can reside in that property. Section 10(43) – Any amount received as a loan , either in lump sum or in installment in a transaction of reverse mortgage is exempt from tax i.e. not be treated as income of the senior citizen although loan is a capital receipt but to promote the scheme income has been exempted.
Reverse mortgage as its name implies is the reverse of a traditional mortgage such as home loan. In case of traditional mortgage, lump sum amount is borrowed to purchase or refinance home, then we pay it back in monthly instalments. However, reverse mortgage is just an opposite, lender pays you.
Notification No. 79/2013 – Income Tax 5. Disbursement of loan. – The approved lending institution may disburse the loan, – (a) to the reverse mortgagor by any one or more of the following modes, namely:- (i) periodic payments to be decided mutually between the approved lending institution and the reverse mortgagor;
The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National Housing Bank (NHB) will introduce a reverse mortgage scheme for senior citizens. In pursuance of this announcement, some of the banks have already formulated scheme for reverse mortgage.
NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan;
