Khan's artwork titled "Burj reflection", "Coliseum Reflection" has been selected for the award, which is a partnership with online art gallery Bestcollegeart.Com.
With a total value of Rs 10 lakhs, the award includes Rs 1 lakh in cash, a three month residency in Scotland with a monthly stipend, and a solo show.
Chetnaa Verma from Noida, Sirivella Pragathikumar and Shrimanti Saha from Baroda as well as Ravishankar from Chennai are among other shortlisted artists.
All the five artists are scheduled to present a group show "Five for the Future" at Gallery Nature Morte in Gurgaon on April 4.
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While Chetanaa presented "Crossword of Diagonals" and "On Parallel Ground" Ravishankar presented artworks like "Bagpipe around my Memories", "God's Own Country II". Shrimanti Saha's work derives a lot from the manipulation of historical narratives and Sirivella Pragathikumar's works are a satirical and comical description of human nature.
The Glenfiddich Artists in Residence (AiR) programme was launched in the country in 2012.
Currently in its 13th year, AiR this year is set to welcome 10 artists from across the globe, the largest group ever, from India, China, Taiwan, Korea, Canada, North America, Mexico, Chile, Spain and the UK.
Tauseef Khan said "I am extremely happy and honored at being selected This is a very good platform for any budding artist....."
Last year's winner, Yuvan Bothisathuvar, participated in 12th annual AiR in Scotland along with seven other artists from across the globe.