Is 30% standard deduction on rent available in new tax regime?
Replies (2)
Quick Summary
The 30% standard deduction for rent is indeed available under the new tax regime, as per Section 24 of the Income Tax Act. However, it's crucial to note that any resulting net loss cannot be carried forward or set off against other income in this new regime. This means while you can claim the deduction, its benefit might be limited if it creates a loss.