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Article: INDIA ART SUMMIT UNDER THE INCOME TAX DEPARTMENT SCANNER.
- Article from:
- AsiaPulse News
- Article date:
- August 25, 2008
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NEW DELHI, Aug 25 Asia Pulse - With the Indian art market estimated to be worth more than Rs 10 billion (US$230 million), the Income Tax department is now closely monitoring various art galleries for tax evasion, especially in the wake of country's first-ever India Art Summit currently being held in the capital.
Highly placed sources in the department have said that the three-day Art summit, which began on Friday, is being "closely monitored" by the department.
"A lot of people have now started investing in art and subsequently evading tax by under-valuing their purchase," an official involved in the exercise said.
The Summit that has brought ...