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  • Category: Finance and Investments

    What is the meaning of family income when applying for Govt. housing lottery or scheme?


    How to determine the family income for applying various Government schemes?A question always makes an applicant confused and check this page to know from our ISC experts.

    Whenever a State Govt. issues a notification for a housing scheme or when the Central Govt. issues a loan scheme, the application may mention the income category under which to apply, with the specific words "family income". I would like to know what does this mean?

    As per my understanding, family income only refers to the spouse & kids' income together with the income of the applicant. So what about when there is no spouse & kids in the family at all? Can the applicant's single individual income be the basis to decide the income category under which to apply for the housing scheme? Or is it that the income of the other unmarried members of the family who stay together should also be considered? Please clarify.
  • #149537
    When it comes to Govt schemes or benefits or subsidies then the family income becomes the criterion.

    Family income or household income is defined as the sum total of income of all the members of the family living in the same household. This will constitute pension, Govt aids, interest income or any other profit from business etc.

    If a person is alone and his total family consists of only one member (that is himself) then his total income will be the family income.

    All the persons including spouse, parents, kids etc will be considered as one family if all of them are living in one compact household.

    Knowledge is power.

  • #149547
    The Family income is the income of a combined family. If in a family only one member is earning, his income will become family income. A family is one which is living together. If wife, husband and their kids are staying together and all of them are earning, the total of all individuals will become the total income. For example, I am staying with my wife, my two sons and two daughters in law, my two sons and I are earning. My wife is having some agriculture income and some interest income on her deposits. So our family income will be the salaries of all of the employees in the family, the agricultural income and the interest obtained on deposits will be added to get the income of our family. The calculation is for the purpose of all government schemes, benefits, subsidies and loans purpose only but not for income tax calculation purpose.
    drrao
    always confident

  • #149550
    For being considered for any type of Government subsidy or to get any benefit of Government scheme, family income is defined as the combined annual income of all earning members of the family. The annual income is considered because in some of the cases, the income is during any particular season and not monthly income.

    So, to get benefits of Government schemes, annual income proof in respect of all earning members of the family is required to be provided.

    Beware! I question everything and everybody.


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