Paintings Classified as Capital Assets, Not Personal Effects, u/s 2(14) of Income Tax Act Since April 1, 2008.

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....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....