34AB

GOVERNMENT APPROVED PAINTING VALUATION

Painting Valuation Services — Every Statutory Context, Every Institutional Purpose

A2Z Valuers provides Government Approved Painting Valuation services for taxation, capital gains, museums, banking, insolvency, corporate reporting, enforcement, succession and institutional transactions.

Each assignment is structured around the applicable statutory provision, valuation date, purpose, methodology and receiving authority.

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10 KEY VALUATION
CONTEXTS

VIII SECTION 34AB
WORKS OF ART

PAN INDIA INSTITUTIONAL
ASSIGNMENTS

STATUTORY & INSTITUTIONAL SERVICES

Valuation Services Built Around the Purpose of the Certificate

Different authorities require different valuation bases, evidence and report formats. Select the context relevant to your painting valuation requirement.

01 INCOME TAX

Rule 11UA(1)(a) — Gift Tax FMV

Section 56(2)(x) FMV certificate; Section 34AB Category VIII; school-specific auction comparables; same-day turnaround for IT search contexts.

TYPICALLY ENGAGED BY CAs, gift recipients, IT Department

02 CAPITAL GAINS

Section 55(2)(b) — Retrospective FMV as on 1 April 2001

1998–2003 auction archive research; Finance Act 2024 Method A vs Method B transitional analysis; the tax-efficient certificate.

See capitalgainvaluation.com

TYPICALLY ENGAGED BY CAs, collectors selling pre-2001 acquisitions

03 MUSEUM / DONATION

Section 80G — Museum Donation

Contemporaneous FMV; NGMA / Lalit Kala Akademi / state institution format; AATA status noted for pre-1926 works.

TYPICALLY ENGAGED BY Institutional donors, estate practitioners

04 IBC / CIRP

IBC CIRP — Art Gallery and Art Fund

IBBI-compliant Fair Value and Liquidation Value; IVS 101 compliant; inventory vs capital asset classification; authentication status noted; Information Memorandum format.

TYPICALLY ENGAGED BY Resolution Professionals, Insolvency Professionals, NCLT

05 BANKING / ENFORCEMENT

SARFAESI — Painting Collateral

MV and DSV; liquidity profile assessment covering PAG blue-chip, Indian modern and miniature tiers; DSV range 50–75% of MV reflecting specific market liquidity.

TYPICALLY ENGAGED BY Banks, NBFCs, ARCs

06 FOREIGN ASSETS

Black Money Act — Undisclosed Foreign Paintings

FMV at prescribed date; international auction records for Indian paintings held abroad; USD-INR conversion documented; compliance filing format.

TYPICALLY ENGAGED BY Tax counsel, assessees in compliance proceedings

07 CORPORATE / AUDIT

Corporate Ind AS Audit

Annual FMV certificate for Ind AS 40 / Ind AS 38 balance sheet compliance; individual painting schedule; ICAI-compatible format.

TYPICALLY ENGAGED BY Corporate CFOs, statutory auditors

08 TRANSACTION

M&A Due Diligence

Comprehensive painting schedule for acquisition target; authentication status; AATA flags; PPA balance sheet allocation.

TYPICALLY ENGAGED BY M&A advisers, corporate counsel, acquirers

09 ESTATE / SUCCESSION

Estate and Succession — Comprehensive Schedule

FMV at date of death; Section 49 cost basis; Section 55(2)(b) opportunity analysis for each pre-2001 painting.

TYPICALLY ENGAGED BY Estate executors, CAs

10 SEARCH & ENFORCEMENT

Section 132 — IT Search

Same-day/next-day attribution, authentication and FMV certificate for all painting types found in search proceedings.

TYPICALLY ENGAGED BY IT Department (as appointed valuer); assessees

NOT SURE WHICH VALUATION APPLIES?

Start With the Statutory Purpose.

Tell us why the painting needs to be valued, the relevant valuation date and the authority or institution receiving the certificate. We can help identify the appropriate valuation context and documentation requirements.

GET EXPERT ADVICE → CALL A2Z VALUERS +91 9999992343