Reverse mortgage by senior citezen...
This query is : Open
15 October 2011
hi freinds and my senior experts...thank u all to support me earlier...
I want to know meaning of "reverse mortgage" by seniour citizen u/s 10(43) and u/s 47(XVI)
please help me .
I want to know meaning of "reverse mortgage" by seniour citizen u/s 10(43) and u/s 47(XVI)
please help me .
15 October 2011
REVERSE MORTGAGE SCHEME INTRODUCE BY OUR HONOURABLE FINANCE MINISTER P. CHIDRAM FOR SAFETY OF SENIOR CITIZEN..REVERSE MORTGAGE IS SCHEME IN WHICH SENIOR CITIZEN MORTGAGE HIS ASSET TO BANK FOR LUMP SUM AMOUNT WHICH IS PAID BY BANK IN INSTALLMENT BY BANK FOR LIFE OF SENIOR CITIZEN..TRANSFER OF ASSET TO BANK IS TEATED AS EXEMPT TRANSFER U/S 47(xvi) AND ALSO AMOUNT RECIVED BY SENIOR CITIZEN FROM ABNK EXEMPT U/S 10(34)
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