Para 2 - Definitions - Reverse Mortgage Scheme, 2008

2. Definitions.- In this Scheme, unless the context otherwise requires, - (a) Act means the Income-tax Act, 1961 (43 of 1961); 1 [(ab) annuity sourcing institution means Life Insurance Corporation of India or any other insurer registered with the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)] (b) approved lending institution means - (i) National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987); (ii) a scheduled bank included in the second schedule to the Reserve Bank of India Act, 1934; or (iii) a housing finance company registered with the National Housing Bank: (c) Board means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) (d) Capital asset means a residential house property which is located in India; (e) eligible person means (i) any person, being an bidigiupi, who is of, a above, the age or sixty years; or (ii) any married couple, if either of the husband or wife is of, or above, the age of sixty years; (f) Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; (g) reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; (h) reverse mortgage transaction means a transaction in which the loan may be disbursed to the reverse mortgagor but does not include transaction of sale, or disposal, of the property for settlement of the loan; (i) All other words and expressions used herein, but not defined and defined in the Act, shall have the meanings respectively assigned to them in the Act. ------------------------ Notes: 1. Inserted vide Notification No. 79/2013 dated October 7, 2013