Can I claim deduction of Interest on borrowed capital of Rs. 2,00,000/- for self occupied property under Income from House Property in the new tax regime?
FAQ on New vs Old Regime [AY 2024-25]
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Interest deduction for self-occupied property disallowed in new tax regime; opt old regime in ITR to claim. Interest on borrowed capital for a self-occupied property is not deductible in the new tax regime; to claim that deduction the taxpayer must opt for the ... Summary
Interest deduction for self-occupied property disallowed in new tax regime; opt old regime in ITR to claim.
Interest on borrowed capital for a self-occupied property is not deductible in the new tax regime; to claim that deduction the taxpayer must opt for the old tax regime by selecting the designated opting-out option in the relevant ITR form (affirmative option in ITR 1/ITR 2 or "Yes, within due date" in ITR 3/ITR 4/ITR 5).
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