Business Daily from THE HINDU group of publications
Monday, Sep 08, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Monday, Sep 08, 2008 ePaper | Mobile/PDA Version | Audio |
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Mentor
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Arts & Crafts Markets - Investments Columns - For the Asking Is investing in art a safe bet? Madhukar Ginglani, Mumbai
Sorry to sound a scare monger but art has always been an unknown quantity not only in India but in developed countries such as the US as well. Investing in art has always been an elitist persuasion. The market therefor is not transparent. To be sure, arts do fetch good returns a la share markets. But what makes the share market preferable by lay investors is its transparency and control wielded on the market by the stock exchange and its regulator. No such exchange or regulator exists for arts and paintings. Till recently, arts and paintings were escaping tax on sale in India on the ground that they were personal effects. The Finance Act, 2008 has denied this advantage by excluding archaeological collections, drawings, paintings, sculptures and any other work of art from the scope of the term personal effects. Earlier, only jewellery was excluded which fortified the view that all other personal effects, including arts and paintings, did belong to the category of personal effects. S. MURLIDHARAN More Stories on : Arts & Crafts | Investments | For the Asking
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