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Saffronart’s Spring Auction Tomorrow; Capital Gains Tax On Art Applicable From April Onwards

Saffronart will feature 135 works by 46 artists, as per a release. The two day auction begins tomorrow, and will allow buyers to place their bids over two days, as opposed to a live auction, according to a release.
Interestingly, this time around, going under the hammer are scultptures from Ravinder Reddy, Valsan Koorma Kolleri, Prithpal Singh Ladi as well as some installations by Atul Dodiya, Sumedh Rajendran and Reena Saini Kallat. Sculptures and installations according to the site, will be shipped in crates.
In December, Saffron Art’s two day online auction had seen over 14 works sold, and Rs.70 crore transacted.
The Finance Minister had announced in the Union Budget that appreciation on works of art will come under the ambit of capital gains tax from April onwards. As per the Indian Express, the income tax rate is applicable to the seller for a period of three years, and 20 per cent if longer.
Related: Kicks Off Winter Auction Of Paintings Online
Indiatimes To Host Online Art Auctions; Auction Does Rs.70 Crore In Transactions