Annuity from reverse mortgage
This query is : Resolved
29 July 2012
One of my client obtained Reverse Mortgage. He has received a lumpsum payment as well as he is getting monthly annuities from a Bank. I have treated in their tax return, income from annuities as tax free as it is only a loan receipt. Lumpsum paymnet recd also treated as Loan receipt and nothing was offered to tax. Whether my stand is correct. Kindly enlighten
29 July 2012
The annuity amount is definitely a loan because it has to be repaid in future. You can say this a loan being received in installments. Your contention is correct.
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