reverse mortgage
This query is : Resolved
11 May 2009
Finance Act 2008 has inserted the Reverse Mortgage Concept, in which a senior citizen can mortgage his House property with any Scheduled Bank and Bank will repay the 60% of value of the HP to senior citizen there is no need of repayment during the life time, this income is exempt u/s 10(43) in the hands of Senior Citizen similarly this is not regarded as transfer u/s 47 so no Capitla Gain on such mortgage,
after death of Senior Citizen Bank will sale out the prperty and recover the principal as well as Interest portion and excess if any will be revert back to Legal Heirs
after death of Senior Citizen Bank will sale out the prperty and recover the principal as well as Interest portion and excess if any will be revert back to Legal Heirs
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
