Income tax during redevelopment of housing property

If the property is actually let out and rent is earned than you cannot consider it as a self occupied house property even if u have only one owned house property

Originally posted by : sourav jain
	If the property is actually let out and rent is earned than you cannot consider it as a self occupied house property even if u have only one owned house property

Thank you for the reponse. 

What will be the status of Property A? Will it be declared in ITR as owned property between 2014 and 2016?

Mr. Paras,

Your Property A will be considered as Self occupied property in the period 2014-16

You Cannot Ignore or Hide income generated from Property B Which is Rented/Let-out.

If you Shift From A to B Than Both will be considered as self occupied property.

You can get Exemption of interest paid on Loan on both self occupied properties.

No Issue in it.

There is no ranking or compulsory to Mention Self Occupied first and rented Next.

If you Have 2 Property, Both MAy be Rented or Both May be Self Occupied.

There is a Case That You have Property in High Rent Earning Area Which you Let out and you yourSelf Live in a Place where Rent is Low.

HR Earned = 25,000

HR Pai =  12,000

Income = 13,000