Installment under reverse mortgage would be tax exempt: NHB

India Infoline News Service | Mumbai |

It has been decided that installment under the reverse mortgage scheme would be tax exempt, NHB said.

In order to make the reverse mortgage scheme more attractive for senior citizens, the government has decided to give tax break on installment earned by pledging their residential property.

The reverse mortgage scheme is operated by National Housing Board and housing finance companies, banks and insurance companies.

It has been decided that installment under the reverse mortgage scheme would be tax exempt, NHB said.

Besides income tax benefit, the installment income or annuity is expected to increase at least three times to the benefit of retired person, NHB added.

 

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