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TDS for paintings

Raju Sridhar (20 Points)

26 July 2020

TDS rate for buy/sell ART painting like antique, modern contemporary ART

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CA ABHAY GUPTA (Practice) (3230 Points)
Replied 26 July 2020

As per my knowledge such thing is not covered under TDS unless until buy from NRI... as NRI payment covers u/s 195..

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Raju Sridhar (20 Points)
Replied 26 July 2020

But since GST of 12% is there, how to treat income for taxation

annu Goyal (1102 Points)
Replied 26 July 2020

1.There is no specific TDS sec for making payment for Art painting
2. As GST will be taxable @ 12% and you are engaged in business of purchase and sale of painting and art this income will be calculate under PGBP head means your business income as per income tax