Irrespective of whether you have already bought a home or are living on rent but planning to buy a house, there is a good likelihood that you would be better off with the old tax regime. This is because the various exemptions and deductions offered in the old tax regime will make you pay a lower tax than the new tax regime. This is despite the new tax regime becoming attractive for many after the Budget 2023 proposed some changes that would come into effect from April 1, 2023 .