Your E-pocket Guide to Exhibitions this July

The Saffronart team has been scuttling around to put together a handy list of exhibitions to check out this month. Some end soon, and with some others you can take your time, though we wouldn’t really recommend waiting too long. So if you’re in Mumbai, Delhi, England or the U.S. of A. this month, you know where to go.

Mumbai

Ghiberti, Lorenzo (1378-1455). Gates of Paradise. 1425-52, lost wax bronze replica from original mould with gilded patina. Guild of the Dome Association/ Museum of the Opera del Duomo, Florence, 2014. Credits: Dr. Bhau Daji Lad Museum website

From the Exhibition The Florentine Renaissance: “The City as a Crucible of Culture”
Ghiberti, Lorenzo (1378-1455). Gates of Paradise. 
Credits: Dr. Bhau Daji Lad Museum website

The Florentine Renaissance: “The City as a Crucible of Culture”
Where: Dr. Bhau Daji Lad Museum City Museum, Byculla
On View Till: July 8, 2014

You don’t need to travel all the way to Florence to get a glimpse of Italian Renaissance…not this week anyway. The Bhau Daji Lad Museum has extended this exhibition which features prolific early renaissance artist Lorenzo Ghiberti’s masterpiece, ‘The Gates of Paradise’: a work also revered by other artists such as Michaelangelo himself. The interior and permanent collection at the museum will be an added bonus to your visit.

Mansoor Ali: “Anatomy of an Unknown Chair”
Where: Gallery Maskara, Colaba
On View Till: July 31, 2014

Ever thought about chairs beyond their functional and aesthetic qualities?  Mansoor Ali’s ongoing show at the Gallery Maskara is sure to provoke you to think about much more through his installations that employ chairs as a primary medium. His five installations address several issues pertaining to politics and power play, reminding us of the effectiveness of found objects in art.

If the idea of visiting this exhibition hasn’t incentivized you enough already to make your way to Colaba, you should know that the nearby Mumbai Art Room, Sakshi Gallery and Galerie Mirchandani + Steinruecke have ongoing exhibitions too. You could combine visiting the three galleries to make for an enjoyable, art-filled afternoon.

Amshu Chukki, Kaushik Saha, Anil Thambai, Pradeep P.P., Yasmin Jahan Nupur and Sangita Maity: “Art for Young Collectors”
Where: Galerie Mirchandani + Steinruecke, Colaba  
On View Till:
July 31, 2014

As per tradition, Galerie Mirchandani + Steinruecke is currently hosting its ongoing exhibition, ‘Art for Young Collectors’. While each artist has a unique approach and style, all the works are connected by a similar theme: “the common trail of seepage–the flowing of one system, one suite of meanings, one realm of belief into another, creating an uneasy ecology and forever changing both in the process.”

Anirban Mitra, Arunkumar H.G., Jagannath Panda, Jitish Kallat, Manjunath Kamat, Ravinder Reddy, Shilpa Gupta, Surendran Nair, Vivek Vilasini: Group Show
Where: 
Sakshi Art Gallery, Colaba
On View Till: July 31, 2014

Don’t miss Sakshi while on your mini art excursion. This exhibition features a mix of paintings, photographs and sculptures by important contemporary artists whose works you should be acquainted with.

Anna Ostoya, Agnieszka Polska, Karol Radziszewski, Janek Simon, Rafał Wilk: “We Rather Look Back to Futures Past”
Where:
Mumbai Art Room, Colaba
On View Till: August 7, 2014

This is a unique exhibition that is presented in collaboration with the Polish Institute. The exhibits include photomontages, films and sculptures by five contemporary artists who share a common Polish background. While the artists explore the common theme of looking back and questioning the past, they each employ a unique individualistic approach. Not only does this exhibition give you the chance to learn more about Polish contemporary art, but it should also compel you to think about your own associations with the past.


Delhi

Gauri Gill, “Hall of Technology - Diptych 1”, Archival Pigment Print, 9" X 12", 2010 Credits: Vadehra Art Gallery

From the Exhibition “Invisible Cities”
Gauri Gill, “Hall of Technology – Diptych 1”, Archival Pigment Print, 9″ X 12″, 2010
Credits: Vadehra Art Gallery


Group Show: “Invisible Cities”
Where: Vadehra Gallery, D-53 Defense Colony
On View Till:  July 12, 2014

If Italo Calvino popped into your mind on reading this, you’re quite close to guessing the theme of this exhibit. “They are stories of spaces that are invisible or underground, mute spaces hidden under the bustling cover of the city. They are stories of people and their relationships, of which the artist is part of”, reads the Vadehra Art Gallery press release. Featuring well-known artists and photographers such as Atul Bhalla, Gauri Gill, Sunil Gupta, Malini Kochupillai and Asim Waqif, this group show highlights aspects of cities that may otherwise remain unnoticed. Perhaps your otherwise hectic urban life doesn’t give you the opportunity to actively observe the little details that are easily missed. Don’t miss this chance to see the work of these acclaimed artists, under a single roof.

Pradeep Puthoor: “New Paintings”
Where:
Nature Morte, Central South Delhi                                                                         When:  July 5 – August 2, 2014

Pradeep Puthoor, an artist from Kerala who has shown his works in a number of galleries across India and abroad, is featuring his new mural-size paintings in this exhibition. These paintings depict the meeting point between computer science and biological engineering, and create a space for viewers to “swim in and get lost, to drown in their luscious complexities.” The unique theme and large paintings are sure to entice a wide audience, making Nature Morte an ideal gallery to visit this July.

Raj Rewal: “Memory, Metaphor and Meaning in his Constructed Landscape”
Where: National Gallery of Modern Art, New Delhi
On View Till: July 20, 2014

Did you think you missed this show? You’d be happy to know that the NGMA has extended this exhibition, giving you the opportunity to visit it this July. This retrospective features five decades of work by renowned architect Raj Rewal. The works on display will make you see architecture as a field of visual art, as structures may otherwise be judged mostly on their functionality. Of course, Rewal’s own achievements, such as his work being featured at the Centre Pompidou in Paris, make visiting this exhibition even more compelling.

“Smart Art Cart”
Where: Gallery Espace, Delhi
On View Till: July 31, 2014

On view and on sale at Gallery Espace are a collection of works by Amit Ambalal, Rajendar Tiku, M.F. Husain, Manjunath Kamath, Owais Husain, Suddhosattwa Basu, Mala Marwah, Mekhala Bahl, Chintan Upadhyay, S.H. Raza, and Jai Zharotia, among others.

England

From the Grosvenor Gallery Exhibition of Senaka Senanayake’s works Butterflies, 2014, Oil on canvas, 122 x 182.9cm. (48 x 72in.) Source: Grosvenor Gallery Website

From the Grosvenor Gallery Exhibition of Senaka Senanayake’s works
Butterflies, 2014, Oil on canvas, 122 x 182.9cm. (48 x 72in.)
Source: Grosvenor Gallery Website

Senaka Senanayake
Where: Grosvenor Gallery
On View Till: July 11, 2014

If you’re ever at Green Park this week or the next, pop by Grosvenor Gallery to take in a tropical medley of colours, all harmoniously arranged by one of Sri Lanka’s most important artists, Senaka Senanayake. The prodigal artist has been exhibiting internationally since his teenage years. His recent work is inspired by the plight of the Sri Lankan rainforests, many of which have been subject to intense deforestation to make way for tea plantations.

Nasreen Mohamedi
Where: Tate Liverpool
On View Till: October 5, 2014

Nasreen Mohamedi is one of the most significant women artists of Modern Indian art, and a critically acclaimed one at that. Tate Liverpool is hosting Mohamedi’s largest solo exhibition in the UK. The show includes more than 50 of her works spanning paintings, drawings and photographs, especially highlighting the most significant artistic phases in her career, and runs in parallel with “Mondrian and his Studios”, exploring how she moved from the figurative to the abstract like Mondrian. Tickets for the latter include admission into the Nasreen Mohamedi exhibition.

Empire, Faith and War: The Sikhs and World War One
Where: The Brunei Gallery, SOAS
On View Till: September 28, 2014

The UK Punjab Heritage Association has organised an exhibition to remember the invaluable contribution and experiences of Sikh soldiers during the Great War. The exhibition features rare and unique finds such as unpublished photographs and drawings, newspapers and comics, postcards, works of art, uniforms, gallantry medals, and folk songs sung by wives left at home, as well as a unique album of X-Rays of wounded Indian soldiers’ injuries lent by Her Majesty The Queen from the Royal Collection.

London Indian Film Festival
Where: BFI Southbank, ICA, BAFTA and Cineworld cinemas across London
On View From: July 10-17, 2014

The London Indian Film Festival is back in town for its 5th edition. Following last year’s success, some of the best Indian independent films will be showing in several venues across London accompanied by talks with cinema personalities such as Santosh Sivan and Farhan Akhtar and a Q&A with film directors.  For the full programme, check the London Indian Film Festival website.

U.S.A 

From the Exhibition Gateway to Himalayan Art & The Tibetan Buddhist Shrine Room Photo by David De Armas Source: Rubin Museum Website

From the Exhibition Gateway to Himalayan Art & The Tibetan Buddhist Shrine Room
Photo by David De Armas
Source: Rubin Museum Website

The Rubin Museum of Art has its eyes on the Indian subcontinent. Head there this month and combine your visits into one eventful day.

From India East: Sculpture of Devotion from the Brooklyn Museum
Where:  Rubin Museum of Art, New York
On View Till: July 28, 2014

Given the temporary closure of the Asian art galleries at the Brooklyn Museum, this exhibition allows visitor to partake from this significant museum collection. Curated by the Rubin Museum, the objects trace the development of Hindu and Buddhist sculptures to its root in ancient Indic art. On view are selections of works from various regions including Burma, Cambodia, Indonesia, Thailand, Korea, and Japan, which together map the wide-spread evolution of Asian art in the regions.

Bodies in Balance: The Art of Tibetan Medicine
Where:  Rubin Museum of Art, New York
On View Till: September 8, 2014

This is one of the first major exhibitions which chronicle the origin, history and practice of the Tibetan science of healing. It brings to the viewers a visual narrative on the subject by presenting 140 objects dating from the 9th century to the present which includes manuscripts and paintings on medical practices and medical instruments. The exhibition highlights the relationship shared between Tibetan medicine and Buddhism and how it has shaped the visual arts in the Himalayan region. In addition to the historic objects is a multi-media installation which explains how Tibetan medicine is used today and allows visitor to find out personalized health information through questionnaires, making the visit informative and interactive.  There’s also a quiz online.

Gateway to Himalayan Art & The Tibetan Buddhist Shrine Room
Where:
  Rubin Museum of Art, New York
On View Till: January 6, 2016
NOTE: Exhibit Reopening July 2, 2014

Curated by Karl Debreczeny and Elena Pakhoutova, this exhibition gives its audience an introduction to the principal concepts of Himalayan art and its cultural contexts. Visitors are welcomed by a large multimedia map of the Himalayan region which highlights the diversity in the region. This exhibition is divided into four sections: Figures and Symbols, Materials and Techniques, Purpose and Function, and Tibetan Art in Context. The centerpiece of this exhibit is the Tibetan Buddhist Shrine Room- a recreated model for everyone to experience. This well-documented exhibition has many learning tools making it an interesting visit for a diverse audience.

Mithu Sen: Border Unseen
Where: Broad Art Museum, Michigan State University,
On View Till: August 31, 2014

Mithu Sen’s first solo museum exhibition in the US is a massive installation in dental polymer, tracing a pink toothy line across a long prism-shaped room. This is the first of Mithu’s teeth works installed on suspended armature. The 80 feet long hanging sculpture inhabits the gallery space, its sheer scale and texture eliciting strong reactions from viewers. This monumental yet minimalist work reaffirms the artist’s exploration of the connotations of bodily materials like hair, teeth and bone in her works.

Beyond Bollywood: Indian Americans Shape the Nation
Where: National Museum of Natural History, Smithsonian Asian Pacific American Center, Washington D.C.
On View Till: August 16, 2015

This iconic exhibition chronicles more than 200 years of Indian American contributions to the U.S. The 5,000-square-foot exhibition features Indian Americans’ migration experiences, working lives, political struggles and cultural and religious contributions. Highlighted artifacts include a dress worn by First Lady Michelle Obama designed by Indian American Naeem Khan; the 1985 National Spelling Bee trophy awarded to the first Indian American winner, Balu Natarajan; and Mohini Bhardwaj’s 2004 Olympic Silver Medal for gymnastics. Public programs include performances featuring Indian American art, comedy, cuisine, dance, film, television, literature and music. The exhibition will be travelling around the US for four years beginning May 2015.

There’s plenty more out there, so don’t forget to drop by our events listing page, updated each month.

Buying Property in London? There may be tax implications…

PART 1: The Private Individual

Shivajirao Gaekwar shares a note by Vishal Agarwal of BMR Advisors, Mumbai, about tax implications of buying property in London

London: The one thing that is certain when spending the summer or for that matter, any season in London, especially when one owns a flat there is the relaxed, fun-filled time that London offers residents and visitors.

The only other thing that is more certain than the joys of owning a London flat are tax implications. One of the least uncertain things in one’s life is perhaps tax, and nothing can be more unpleasant than being slapped with a tax bill at the end of the year. Saffronart Prime London feels a buyer ought to get into overseas property ownership well-informed.

 Owning residential property overseas could, based on facts, attract Indian income tax and wealth tax. Here are a few things to keep in mind.

 Income-tax provisions

An overseas residential property owned by a resident individual could potentially result in two streams of income (i) rental income, if the property is let out, and (ii) capital gains, if the property is sold at a future date.  On the basis that the individual owner of the property is resident in India for tax purposes, all such income would be liable to tax in India.

 Taxation of rental income in India

 Income tax is levied on the ‘annual value’ of the residential property for any year. 

 Where the owner actually uses a residential property as his residence, the annual value of one such property is taken to be nil.  Proceeding on the premise that an individual who acquires residential property overseas already owns residential property in India which he / she occupies for personal use and the exclusion from tax discussed above is applied towards this property, the annual value of any further properties acquired by the individual, whether in India or overseas, would be liable to tax at the higher of the amounts calculated in the manner described below:

 (i)      the sum for which the property might reasonably be expected to be let from year-to-year regardless of whether or not the property is actually let; or

(ii)     the rent received or receivable (ignoring rent that cannot be realized), if the property is actually let out. 

 However, where the property is meant to be let out, but remained vacant for want of a tenant for the whole or part of the year, and by virtue of this vacancy the rent received in point (ii) is less than the amount referred to in point (i) above, then the annual value will be taken as the amount actually received or receivable during the year.

 From the annual value so determined, the owner is permitted tax deductions for (a) municipal taxes paid to local authorities; (b) 30 percent of the annual value as a standard deduction; and (c) interest payable on a housing loan subject to a maximum of INR 150,000 (approximately GBP 1,875) if the property is not meant to be let out, and without any limit if the property is meant to be let out.

The net income determined in this manner will be liable to tax under the head “Income from House Property” at ordinary income tax rates applicable to the owner.  At present the maximum rate of tax in India is 30 percent plus applicable surcharge and cess.  If the computation results in a loss, such loss can be used to offset income from any other source earned by the owner in that year.  Any unabsorbed loss can be carried forward and offset against similar house property income for a period of eight years.

 Tax implications on sale of the property

Gains arising from sale of a residential property located in London would be taxable as “Capital Gains”.  The taxable gain is computed by deducting from the sale consideration, the cost of acquisition (including costs directly linked with purchase of the asset), the cost of any improvements and any expenses incurred in connection with the sale.

 The rate of tax that will apply to such gains is a function of the period for which the property has been held prior to its sale.  The property would be regarded as a long-term capital asset if it has been held for more than thirty-six months prior to its sale.  Gains from sale of such assets are classified as a long-term capital gains (‘LTCG’) and subject to tax at the rate of 20 percent (plus applicable surcharge and cess).  In computing the LTCG, the cost of acquisition is increased by applying index factors published by the Indian Government.  If the property is held for 36 months or less, the gains are treated as short-term capital gains (‘STCG’) and taxed at the rates applicable to ordinary income.

 Where the gain is a LTCG, Indian tax laws provide for a relief from income tax if the proceeds from the sale are invested in qualifying assets, subject to prescribed conditions. 

 If the sale of the property results in a loss and such property has been held for more than thirty-six months, the loss would be treated as a long-term capital loss (‘LTCL’).  Such loss can only be offset against any LTCG earned in that year from the sale of any asset and for a period of eight consecutive tax years in a similar fashion, until the loss is exhausted.  If the property had been held for a period of thirty-six months or less, any loss from the sale of such property would be a short-term capital loss (‘STCL’) and such loss can be offset against any capital loss, STCL or LTCL in that year from the sale of any asset and for a period of eight consecutive tax years. 

 Wealth-tax implications

 In addition to income-tax, wealth tax is payable annually at the rate of 1 percent on net wealth in excess of INR 3,000,000 (approximately GBP 37,500).  Wealth is defined to include, inter-alia, all residential property owned by a tax payer, other than one property which is regarded as being held for personal use.  However, where a residential property is let-out for a minimum period of three hundred days in any year, such property will be exempt from wealth tax.

For wealth tax purposes, the market value of the property as at March 31 of each year is to be considered.

 PART 2: The Non-Personal Entity coming soon…

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