Step 1: Understanding the Question:
The question asks us to identify the correct legal status of the Right to Property under the current framework of the Indian Constitution.
Step 2: Key Concepts and Approach:
The Right to Property underwent a major constitutional transformation through amendments.
We must trace its transition from a Fundamental Right in Part III to a constitutional right in Part XII of the Constitution.
Step 3: Detailed Explanation:
• Original Status: Originally, under the 1950 Constitution, the Right to Property was a Fundamental Right protected under Article 19(1)(f) and Article 31.
• The 44th Amendment Act, 1978: To facilitate land reforms and state-sponsored welfare projects, the Janata Party government enacted the 44th Amendment.
• Repeal from Part III: This amendment completely deleted Article 19(1)(f) and Article 31 from the list of Fundamental Rights.
• Insertion of Article 300A: The amendment inserted Article 300A in Part XII of the Constitution, which states: "No person shall be deprived of his property save by authority of law."
• Current Status: Thus, while it is no longer a Fundamental Right, it remains a constitutional and legal right. An individual can still approach a High Court under Article 226 if their property is illegally confiscated without the authority of a valid law.
Step 4: Final Answer:
The Right to Property is a constitutional right under Article 300A of the Constitution. Therefore, Option B is correct.