Definitions.
2. In this Scheme, unless the context otherwise requires,—
| (a) | | "Act" means the Income-tax Act, 1961 (43 of 1961); |
| 1[(ab) | | "annuity sourcing institution" means Life Insurance Corporation of India or any other insurer registered with the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);] |
| (b) | | "approved lending institution" means— |
| (i) | | National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987); |
| (ii) | | a scheduled bank included in the second schedule to the Reserve Bank of India Act, 1934; or |
| (iii) | | a housing finance company registered with the National Housing Bank: |
| (c) | | "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) |
| (d) | | "Capital asset" means a residential house property which is located in India; |
| (e) | | "eligible person" means— |
| (i) | | any person, being an bidigiupi, who is of, (a) above, the age or sixty years; or |
| (ii) | | any married couple, if either of the husband or wife is of, or above, the age of sixty years; |
| (f) | | "Reverse Mortgage" means mortgage of a capital asset by an eligible person against a loan obtained by him from an approved lending institution; |
| (g) | | "reverse mortgagor" means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; |
| (h) | | "reverse mortgage transaction" means a transaction in which the loan may be disbursed to the reverse mortgagor but does not include transaction of sale, or disposal, of the property for settlement of the loan; |
| (i) | | All other words and expressions used herein, but not defined and defined in the Act, shall have the meanings respectively assigned to them in the Act. |