In India, On sale of an art u pay 40 % as cap gains tax. Wat if im an artist ? & who decides the cost of art ?

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far know, if artist, on selling art of work not subject capital gains tax. income (sale proceeds of work of art) treated professional income , taxed in normal course. expenses , deductions available you.

in such course not necessary decide cost.

if purchaser of art resells work of art , if not normal activity subjected capital gain tax according period of holding. (short term or long term gain) , taxed accordingly.

last query difficult answer , upto how utilise/manipulate provisions.

is there art body decides price of art ? or can sell in name of art ? loop hole in tax law can convert black money white ??


Business & Finance Taxes India Next



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