Painting Sale Gains Not Taxable in 2007-08; Taxed as Long-Term Capital Gains in 2008-09 Under IT Act Sec 2(14.

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....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....