Is Interest On Housing Loan Exempt From Tax In New Regime

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Is Interest On Housing Loan Exempt From Tax In New Regime

Is Interest On Housing Loan Exempt From Tax In New Regime -

A major chunk of deductions and exemptions are removed under the New Tax Regime The important tax breaks that will no longer be available under the New Tax Regime include Chapter VI A deductions like 80C 80D 80DD 80U 80TTA TTB 80E HRA LTA and interest on Housing Loan There are a few deductions that can still be

Interest on housing loans Under the new tax regime the deduction for interest paid on housing loans is not allowed on self occupied or vacant properties under Section 24 b of the ITA

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Income Tax Exemption Calculator For Interest Paid On Housing Loan With

Income Tax Exemption Calculator For Interest Paid On Housing Loan With

It is important to note that the deduction for interest paid on housing loans taken for a self occupied property is not available under the new tax regime

Interest paid on housing loan taken for a rented out property can be claimed as deduction under section 24 b even in the new proposed tax regime Budget 2020 has proposed a new tax regime with lower tax slab rates along with removal of almost all deductions exemptions

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Section 80EEA Claim Deduction For The Interest Paid On Housing Loan

Section 80EEA Claim Deduction For The Interest Paid On Housing Loan

In the case of a self occupied property you cannot claim a deduction on interest for a housing loan under the new tax regime The deduction of Rs 2 lakh allowed in the existing system is not available in the new tax regime

You can exercise your choice after making a comparison of the tax benefits under both the regimes Similar to the existing regime under the new regime you can claim deductions on municipal tax standard deduction of 30

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New Tax Regime A Quick Take On Exemptions

https://news.cleartax.in/new-tax-regime-a-quick-take-on-exemptions/9969
Interest on housing loans Under the new tax regime the deduction for interest paid on housing loans is not allowed on self occupied or vacant properties under Section 24 b of the ITA

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New Tax Regime amp Deduction Towards Housing Loan Interest The Tax

https://thetaxtalk.com/2021/04/new-tax-regime-deduction-towards
In case of a self occupied property taxpayers cannot claim a deduction on interest for a housing loan under the new tax regime The deduction of Rs 2 lakh allowable under the existing system is not available in the new tax regime Taxpayers cannot set off the loss of Rs 2 lakh from house property from the salary income

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Interest on housing loans Under the new tax regime the deduction for interest paid on housing loans is not allowed on self occupied or vacant properties under Section 24 b of the ITA

In case of a self occupied property taxpayers cannot claim a deduction on interest for a housing loan under the new tax regime The deduction of Rs 2 lakh allowable under the existing system is not available in the new tax regime Taxpayers cannot set off the loss of Rs 2 lakh from house property from the salary income

DEDUCTIONS U S 24 Out Of Net Annual Value NAV Of House Property Income

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