Transfer of Art to Government or National Institutions Exempt from Capital Gains under Section 47(ix) of Income Tax Act.

Section 47(ix) of the Income Tax Act specifies that the transfer of a capital asset, such as a work of art, book, drawing, painting, or photograph, to the government or institutions of national importance is not considered a transfer for capital gains purposes. This includes transfers to entities like Government Universities, National Museums, National Art Galleries, and National Archives. The provision applies to any person transferring these assets, which are defined as capital assets under Section 2(14) of the Act.

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