Hi,
Please advice for the below scenario regarding status of owned property under redevelopment.
Property A - Owned, Property B - Rented.
Property A will be under redevelopment during FY 2014 till 2016.
During the FY 2014 till 2016, what will be status of property A while filing income tax returns? Owned or non-existent.
Will it be still considered as owned property?
If it can not be considered as owned property, will Property B automatically become owned property even if it is rented out?
Thank you in advance,
Paras.