Ajit (age 62) received ₹25,000 per month from 01.07.2020 by entering into reverse mortgage transaction with State Bank of India. The property mortgaged was acquired by him on 01.01.2002 for ₹30 lakhs. The fair market val
CS Executive · Tax Laws · PYQS · June 2021
Ajit (age 62) received ₹25,000 per month from 01.07.2020 by entering into reverse mortgage transaction with State Bank of India. The property mortgaged was acquired by him on 01.01.2002 for ₹30 lakhs. The fair market value of the property as on 01.07.2020 was ₹70 lakhs. How much of the amount received by Ajit under reverse mortgage is chargeable to tax for the assessment year 2021-22 ?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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