Capital Gains on Sale of Reverse Mortgaged Property

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Capital Gains on Sale of Reverse Mortgaged Property
Query (Issue) Started By: - Rocky K Dated:- 28-1-2020 Last Reply Date:- 22-2-2020 Income Tax
Got 1 Reply
Income Tax
This is query regar .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ding Capital Gains on Sale of Reverse Mortgaged Property to settle the loan. The Reverse Mortgage connected with Insurance Company for annuity. And not simple Reverse Mortgage. Will the interest be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... considered as an Expense when the property is sold to settle the loan for calculation of Capital Gains ? As after paying the hefty interest to the lender the borrower ultimately doesn't get much i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n hand. Reply By DEV KUMAR KOTHARI: The Reply: Facts in details are required. about property: who acquired ? who created reverse mortgage? who is selling? What are allowable costs after cost inflat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion index? Interest may not be allowed as expenditure at the time of sale of property against capital gains.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X