Paintings Classified as Capital Assets, Not Personal Effects, u/s 2(14) of Income Tax Act Since April 1, 2008. https://www.taxtmi.com/highlights?id=12499 Sale of paintings - excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) w.e.f. 1.4.2008 - when the amendment itself was brought in with prospective effect, the same cannot be applied retrospectively. - HC en-us Tue, 30 Apr 2013 11:05:54 +0530 Tue, 30 Apr 2013 11:05:54 +0530 TaxTMI RSS Generator Paintings Classified as Capital Assets, Not Personal Effects, u/s 2(14) of Income Tax Act Since April 1, 2008. https://www.taxtmi.com/highlights?id=12499 Sale of paintings - excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) w.e.f. 1.4.2008 - when the amendment itself was brought in with prospective effect, the same cannot be applied retrospectively. - HC Highlights Income Tax Tue, 30 Apr 2013 11:05:54 +0530 https://www.taxtmi.com/highlights?id=12499