Deduction u/s 80C & 24
This query is : Resolved
CA. Amey Badle
(Querist)
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?
CA. B.SRINIVASULU
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
