Reverse Mortagage Scheme

Important Provisions of Transfer of Property Act 1882

Corporate Law - 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. [&helli...

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RCM on renting of motor vehicles- Recent Changes

Corporate Law - 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....

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Reverse Mortgage: a gold walking stick of senior citizens

Corporate Law - 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 […]...

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Important Point While Filing GST Returns in 2019

Corporate Law - 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 […]...

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All about Reverse Mortagage Scheme

Corporate Law - 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)

Corporate Law - 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"

Important Provisions of Transfer of Property Act 1882

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. [&helli...

Read More
Posted Under: Income Tax |

RCM on renting of motor vehicles- Recent Changes

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....

Read More
Posted Under: Income Tax |

Reverse Mortgage: a gold walking stick of senior citizens

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 […]...

Read More
Posted Under: Income Tax | ,

Important Point While Filing GST Returns in 2019

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 […]...

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 |

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. ...

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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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