House property income for senior citizens would now be totally tax free. House property income refers to the income generated from Reverse Mortgage. Reverse mortgage is a scheme where senior citizens (60 years or more) can pledge their house property for a regular annual/monthly income based on the valuation.
An icing on the cake is that the installment income or annuity is expected to rise by at least three times. Insurance companies such as LIC and other insurers registered with IRDA have been included as annuity sourcing institutions for this purpose.