Under the old regime you can claim up to ₹1.5 lakh on principal repayment under Section 80C, up to ₹2 lakh on interest under Section 24(b) for a self-occupied home, and an additional ₹1.5 lakh on interest under Section 80EEA if you are a first-time buyer. For a let-out property there is no cap on the interest deduction under Section 24(b).

Section 24(b) lets you deduct home loan interest — up to ₹2 lakh a year for a self-occupied house, with no cap for a let-out one. Section 80EEA is an additional interest deduction of up to ₹1.5 lakh available only to first-time buyers, claimed on interest left over after the Section 24(b) limit is used up.

No. The new tax regime does not allow the Section 80C, 24(b) (for a self-occupied home), or 80EEA deductions. If the property is let out, interest can still be deducted against rental income even under the new regime.

It can, because the interest deduction under Section 24(b) has no upper limit for a let-out property, whereas a self-occupied home is capped at ₹2 lakh a year. However, rental income from the property is itself taxable, which this calculator does not account for.