Capital gain on any work of art

sarathraj (student) (31 Points)

20 July 2014  

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