The gain derived from sale of painting in the assessment year ...
Income Tax
September 7, 2019
The gain derived from sale of painting in the assessment year 200708 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year 200809 is concerned, paintings have been specifically excluded from being treated as personal effect, therefore, the gain derived from sale of painting has to be assessed as long term capital gain. - AT
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