sale of Painting
This query is : Resolved
27 June 2009
I am handling one client(PAINTER) he is doing all kind of paintings & supplied it to all Hotel industries as well as individuals.
Any one can explain me, What is the Income Tax applicable on it's income from sale of painting? & their is any special provision of Exemption of Income Tax?
Any one can explain me, What is the Income Tax applicable on it's income from sale of painting? & their is any special provision of Exemption of Income Tax?
27 June 2009
Painter is just doing the businesses of making and selling the painting. So income from sale will be taxable under business income.
Only the paintings being Capital asset transfered to agencies as mentioned in section 47(ix) are not regarded as transfer for the purpose of capital gain.
Only the paintings being Capital asset transfered to agencies as mentioned in section 47(ix) are not regarded as transfer for the purpose of capital gain.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- New Garden in Place of Old Garden
- Indian IT Portal issue in computing tax as per UK-India DTAA
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
