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Effect of Purchase of Paintings

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(Querist)
13 May 2008 Whether purchase of Paintings by an individual of high value is to be treated as Fixed Asset, Investments or Drawings?
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
13 May 2008 for what purpose you are buying this painting if this are for business purpose then you will take dep.at 10% & for your personal purpose then it is drawings

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