Building insurance paid by the tenant on behalf of owner

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 Mr xyz huf has given the building as warehouse to his relative firm to store the stock .Building insurance is paid by the firm as per the agreement clause.Is firm eligible for deduction of insurance exp?under wh
ich supporting ?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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07 August 2012 yes
U/s 30

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 what about huf position?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 August 2012 HUF can not claim Insurance Charges in case it shows Godown Rent under the head Income from House Property.
.
The expenditure can be claimed by the user of the building, like rent expenses.
.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 licencee can claim exp paid on the insurance of the building as the rent expenses as its mentioned in the agreement which is the mandatory clause.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 licensee under which account has debited the exp ? if licensee claim & debited to rent exp in the books of accounts tds point will arise?

how this issue can be claimed?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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10 August 2012 no rent is separate expense which is to be paid to the Owner
Clarification required for Insurance

Please Clarify

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2012 tenant has paid the insurance of the building of owner .is to claim this exp which account to be debited?

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