Answer

1. F

   Facts

   Under the new regime, no interest deduction is allowed on self-occupied houses. For let out houses, interest is allowed against rent, but any resulting loss cannot be set off against salary or other heads. The 30% standard deduction on rent stays.

2. P

   Provisions and law

   • Sec 115BAC (now Sec 202)New regime is the default; business filers opt out with Form 10-IEA by the Sec 139(1) due date
   • Sec 24(b) (now Sec 22(1)(b))Deduction for interest on a home loan; ₹2,00,000 cap for self-occupied houses under the old regime
   • Sec 24(a) (now Sec 22(1)(a))Standard deduction of 30% of the net annual value
3. A

   Analysis

   If your let out flat earns ₹3,00,000 net annual value and interest is ₹2,50,000, income is ₹3,00,000 minus ₹90,000 minus ₹2,50,000, a loss of ₹40,000. Under the new regime, that loss stays within house property and cannot reduce salary. If you have large self-occupied interest and other deductions, compare old and new regime totals before choosing. Salaried people choose the regime in the return each year.

4. C

   Conclusion

   1. 1Compute house property income under both regimes.
   2. 2Compare total tax under old and new.
   3. 3Choose the regime in the return.
   4. 4Remember business filers need Form 10-IEA for the old regime.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.