Section 47(xvi) - Any transfer of a capital asset in a transaction of reverse mortgage - Income Tax - Ready Reckoner - Income Tax

Section 47(xvi) :- Any transfer of a capital asset in a transaction of reverse mortgage Section Transaction not regarded as transfer Transferor u/s 2(47) Transferee u/s 2(47) Capital asset involved u/s 2(14) 47(xvi) Any transfer of a capital asset in a transaction of reverse mortgage under a scheme notified by the Central Govt. Individuals Any person Residential House Property Note : Amount of loan (either in instalment or lumpsum) received by the senior citizen under the transaction of reverse mortgage would be exempt from income tax u/s 10(43) .