Income tax during redevelopment of housing property

Paras (Others) (25 Points)

21 April 2014  

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.