Reverse Mortagage Scheme

Brief insights on concept of Reverse mortgage in India

Income Tax - 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. ...

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All about Reverse Mortagage Scheme

Income Tax - 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 cap...

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Reverse mortgage created under a scheme made and notified by the Central Government shall not be regarded as a transfer U/s. 2(47)

Income Tax - 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....

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Government amends Reverse Mortgage Scheme to provide for disbursing the loan to the annuity sourcing institution

Notification No. 79/2013 - Income Tax - (07/10/2013) - 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 an...

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Government Notified Reverse Mortgage Scheme 2008

Notification No.93/2008-Income Tax - (30/09/2008) - 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; ...

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Recent Posts in "Reverse Mortagage Scheme"

Brief insights on concept of Reverse mortgage in India

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. ...

Read More
Posted Under: Income Tax |

All about Reverse Mortagage Scheme

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 cap...

Read More
Posted Under: Income Tax |

Government amends Reverse Mortgage Scheme to provide for disbursing the loan to the annuity sourcing institution

Notification No. 79/2013 - Income Tax (07/10/2013)

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;...

Read More

Reverse mortgage created under a scheme made and notified by the Central Government shall not be regarded as a transfer U/s. 2(47)

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....

Read More
Posted Under: Income Tax |

Government Notified Reverse Mortgage Scheme 2008

Notification No.93/2008-Income Tax (30/09/2008)

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; ...

Read More

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