House Property Deduction Under Section 115BAC

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This discussion clarifies the deductibility of housing loan interest under Section 115BAC, the new tax regime. While interest on loans for rented properties can be claimed, the standard deduction is not permitted. For self-occupied properties, no interest deduction is available under this new regime.

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(Querist)
06 June 2022 Sir,

I have both self Occupied and rented house property income and both are constructed by availing Housing loan. By opting taxation under new regime can I take exemption of interest on house loan repayment in case of rented house property.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 June 2022 Yes, take exemption of interest on house loan repayment in case of rented house property.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
06 June 2022 No exemption available in case of new regime.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 June 2022 Such interst deduction allowed.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
07 June 2022 Agreed with Seetharaman Sir, deduction for interest allowed but standard deduction not allowed.
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