Deduction u/s 80C & 24
This query is : Resolved
08 February 2009
An assessee has signed as a guarantor for a housing loan availed by a person known to him. After payment of certain installments, the borrower becomes insolvent. Bank asked the guarantor to pay remaining installmets as a guarantor. Now the question is can the guarantor claim the deduction u/s 80C & 24 for the installments paid by him for a home which is not owned by him?
08 February 2009
Guarantor will not get the benefit of sevtions 24 and 80C.
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