Deduction u/s 80C & 24
This query is : Resolved
08 February 2009
An assessee has signed as a guarantor for home loan to a person known to him. After payment of certain installments, the borrower becomes insolvent. The bank has asked the guarantor to pay the remaining installments on behalf of the borrower as he was the guarantor. Now the questio is cas the guarantor claim deduction u/s 80C & 24 for the installments paid on behalf of the borrower for a house which is not actually owned by him?
08 February 2009
No he cannnot claim. The benefit is for the assessee who has taken the loan and not for the guarantor.
09 February 2009
No guarantor can claim the deductions as he is not the owner of property. Moreover, the housing loan is taken by the Owners of the property and the amount is being repaid on behalf of the borrowers which in any case is recoverable from them.
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