As per section 2(14) personal assets of movable nature like, jewellery , drawings, archeological collections, any work of art are treated as capital assets and capital gain tax is to be paid on sale of these items.
Suppose an artist is selling his drawing or any work of art done by him, then the work of art or drawings to be treated as stock in trade or capital asset?
Thanks in advance
it should be treated as stock in trade only.. and the income is to be shown under business or profession :)
Thank you ,ananth subramanian sir.
Accepting with Mr. Ananth Subramanian
Varma Raja & Associates
Thrissur
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Ludhiana
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Shyam S Gupta and Company
New Delhi
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Pro
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