Sarthak, aged 72 years mortgages his property with housing finance company under a reverse mortgage scheme. The company paid, Sarthak, ₹ 25,000 p.m during the P.Y 20-21. The amount
A. Of ₹ 3,00,000 will be taxable
B. Of ₹ 3,00,000 will be exempt
C. 50% of the receipt will be taxable
D. None of the above.
Answer:B
Sarthak, aged 72 years mortgages his property with housing finance company under a reverse mortgage scheme. The company paid, Sarthak, ₹ 25,000 p.m during the P.Y 20-21. The amount
A. Of ₹ 3,00,000 will be taxable B. Of ₹ 3,00,000 will be exempt C. 50% of the receipt will be taxable D. None of the above.