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Tax exmption in let out property in new regime

Tax queries 1543 views 6 replies

Hi Team,

In a New Tax regime, do income from let-out property including rent and interest is eligible for tax exemption under section 24 ?

I know that for self occupied property is not eligible but have a quaery for let-out property can be consider for deduction ?

Pls share your thoughts and reference documents.

 

Replies (6)

Yes, under the New Tax Regime, interest on home loans for let-out properties is eligible for tax exemption under Section 24 of the Income Tax Act. 

Hi Dhirajlal

Pls share any verified URLs and references so i can share with Employer and made the necessary changes. 

 

https://economictimes.indiatimes.com/wealth/tax/home-loan-interest-advantage-in-new-tax-regime-you-can-reduce-your-income-tax-by-claiming-loss-but-only-on-this-type-of-house-property/articleshow/114533493.cms

https://www.taxheal.com/list-of-deductions-allowed-in-new-tax-regime.html

can emplyoee can claim the exemption with employer or we need to claim it during the personal ITR ?

Always better to get it availed through the employer. If missed, it can be claimed while filing ITR but CPC may require  verification.


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