07 August 2014
Hi. I am a partner in a firm and having trading activity of importing chemicals. I was interested in buying artworks and hence started building up a collection since 2010. In 2013, I realized that I need to sell some artwork so that I can buy new ones and hence sold paintings in auction for 4.5 lakhs In 2014, till august I have sold paintings worth 7.5 lakhs. My stock would be around 30 lakhs. In my books I have been showing capital gains. My charted accountant suggested if I cross 10 lakhs this year then I will have to take mvat registration number. I would like to know whether that's right? Or can I sell them and show it as sale of investment. Please do help as there is no clarity
CAclubindia
