New and old: How two tax regimes work for home loan interest benefit

You can benefit under the new tax regime but there are a few caveats

Union Budget 2023 made the new tax regime attractive by reducing rates. You have two options: continue with the old regime and keep taking tax deductions, or opt for the new one (lower taxes) but don’t avail of deductions.

The new tax regime will be advantageous for salaried people, unless they can claim tax deductions of Rs 4.25 lakh or more. As a taxpayer, you can calculate tax liability under both the regimes and opt for the one with a lower liability.

Under the new tax regime, all common deductions are disallowed. The only exceptions are standard deduction and employer