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)
CAclubindia
