No. This is great relief and right relief for all persons having more than one house . Under the Income Tax Act 1961 , if you have more than one property, there is provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such a concept has been abolished.
When one takes loan against property , it is called mortgage of property.This loan can be utilsed for any purpose.The borrower has to payback the loan with interest , generally as equal monthly installment (EMI ) .
Reverse mortgage is a new concept in India and the Government wants to popularize it for the benefit of senior citizens of this country. The main purpose of popularizing the concept of reverse mortgage is to provide income to the senior citizen who may have an asset in form of house property , but not regular income. Some of the important