https://www.taxtmi.com/highlights?id=49164 The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year 2008–09 is concerned, paintings have been specifically excluded from being treated as personal effect, therefore, the gain derived from sale of painting has to be assessed as long term capital gain. - AT en-us Sat, 07 Sep 2019 06:55:40 +0530 Sat, 07 Sep 2019 06:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=49164 The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year 2008–09 is concerned, paintings have been specifically excluded from being treated as personal effect, therefore, the gain derived from sale of painting has to be assessed as long term capital gain. - AT Highlights Income Tax Sat, 07 Sep 2019 06:55:40 +0530 https://www.taxtmi.com/highlights?id=49164