IT Returns: Could house property loss under be claimable in the new tax regime section u/s 115BAC?

In 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 2.00 lakh allowed in the existing system is not available in the new tax regime. Also, you cannot set-off the loss of Rs 2 lakh from house property from your salary income.

If you have let-out a house property, you can claim a deduction for interest paid on the housing loan. Do note that the new tax regime restricts the deduction to the taxable rent received from the property as against the old regime. In the new regime, you cannot set-off the loss arising from the house property due to excess of interest paid over the rental income. Also, you cannot carry forward the loss from house property to future years for set off.