reverse mortgage
This query is : Resolved
CA.SHAHZAD SAYYED
(Expert)
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
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