Reverse mortgage transaction
This query is : Resolved
28 February 2010
The periodic installments received by borrower from lender is exempt u/s 10(43).But when lender sells the house after death of borrower and returns the excess amount to legal heirs,will it be taxable in their hands or will it be not taxable as part of legal estate devolving?
28 February 2010
It will also not taxable in the hand of legal heirs
28 February 2010
yes
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