They said the paintings and art works are creations of "eminent artists" and have been recovered by tax sleuths after searches and surveys were conducted at four premises linked with Modi last week.
"The valuation of these art items is being done at present with the help of professionals from the J J School of Art in Mumbai," a senior official said.
Prohibitory orders against their sale and transfer has been placed under the Income Tax law.
The department, last week, had attached a 1,200 crore worth property of the Gitanjali group, located in a Special Economic Zone (SEZ) in Hyderabad.
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The department, in the last few days, has similarly attached nine bank accounts and seven properties of the group and Choksi.
The attachment of assets, the tax department had said, has been taken to "recover outstanding tax demands".
The income tax department, on February 16, had provisionally attached 29 properties and 105 bank accounts of Modi, his family and firms as part of its tax evasion probe.
The department had first raided the billionaire diamond jeweller (Nirav Modi) in January last year on charges of alleged tax evasion and had also surveyed Gitanjali Gems promoter Choksi's businesses.
Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the Punjab National Bank (PNB), that they allegedly cheated the bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.