Painting received from artist as a gift taxable

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..... Painting received from artist as a gift taxable
Query (Issue) Started By: - Vikas Aggarwal Dated:- 19-6-2013 Last Reply Date:- 19-11-2015 Income Tax
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Income Tax
Dear Sir, Ple .....

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..... ase guide me in the following the issues:- One proprietor running Art Gallery (in the business of Sale of Paintings) received Paintings from so many artist free of cost (in the normal course of busin .....

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..... ess & sold out in domestic market) before 1st october, 2009 , can the said painting taxable or not. Can it is taxable under section 28 of the income tax act (treat this as benefit arising in the cour .....

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..... se of business). Can the said gift treated as gift & exempt u/s 56(2) of the income tax act, 1961. Regards, CA Vikas Aggarwal. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether you have got c .....

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..... larified in the above issue? If not please inform.
Discussion Forum - Knowledge Sharing .....

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