Painting received from artist as a gift taxable

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..... Dear Sir, Please guide me in the following the issues:- One proprietor running Art Gallery (in the business of Sale of Paintings) received Paintings from so many artist free of cost (in the normal .....

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..... course of business sold out in domestic market) before 1st october, 2009 , can the said painting taxable or not. Can it is taxable under section 28 of the income tax act (treat this as benefit ar .....

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..... ising in the course of business). Can the said gift treated as gift exempt u/s 56(2) of the income tax act, 1961 . Regards, CA Vikas Aggarwal. - Reply By MARIAPPAN GOVINDARAJAN - The Rep .....

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..... ly = Whether you have got clarified in the above issue? If not please inform. - Painting received from artist as a gift taxable - Query Started By: - Vikas Aggarwal Dated:- 19-6-2013 Income Tax - .....

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..... Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - .....

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..... TaxTMI - TMITax .....

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