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of <h1>Interest Deduction for Self-Occupied Property Not Allowed Under Section 115BAC; Opt for Old Tax Regime to Claim.</h1> In the new tax regime, deductions for interest on borrowed capital for self-occupied property are not permitted under Section 115BAC of the Income Tax Act, 1961. Taxpayers wishing to claim this deduction must opt for the old tax regime. This can be done by selecting 'Yes' in the relevant field of ITR 1 or ITR 2, or 'Yes, within due date' in ITR 3, ITR 4, or ITR 5, indicating the choice to opt out of the new regime.
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