Hi Lakshya,

Thank you for contacting Mearto with your appraisal inquiry.

This biographical blurb on MF Husain was taken from AskArt:
"Vasudeo S. Gaitonde (1924-2001) was regarded as India's foremost abstract artist. He received Padma Shri Award in 1971. Gaitonde was born in Maharashtra of Goan Parentage. He received his diploma from the Sir J. J. School of Art in 1948[1] He died in 2001.
Vasudev S. Gaitonde was regarded as one of the most finest and cloistered abstract painter of India. Vasudev Gaitonde was born in 1924 and had received his diploma from the J. J. School of Art in Mumbai in 1948. Impressed by his work, Vasudev was invited to join the Progressive Artists Group of Bombay. He actively participated in the activities of the group. He had several exhibitions held in India as well as in foreign countries.

In 1956, he participated in the Indian art exhibition which was held in east European countries. He also participated in other group exhibitions held at the Graham art gallery, New York in 1959 and 1963. Gaitonde's abstract works are produced in many Indian and overseas collections including the Museum of Modern Art, New York. In 1957, he was awarded the first prize at the Young Asian Artists Exhibition, Tokyo and the Rockefeller Fellowship followed in 1964. In 1971, he was awarded the Padma Shri i.e. the highest award for creative excellence given by the Government of India.
Gaitonde experimented hugely with form and shape in his works. Vasudev's wraithlike and multifarious paintings invoke a concealed and obscure description of the real world, however Gaitonde highly disregarded the title of 'abstractionist' labeled on him. Vasudev had a profound influence of Zen philosophy and ancients calligraphy on him. In the midst of his art work, one could notice the control and the conglomerated structure finely depicted. Gaitonde preferred to enjoy a slow and a meticulous painting process unlike his contemporaries that is why he produced only a few finished works. Gaitonde's use of symbolic element and very few ground lines made his work appear like a flowing river. Gaitonde's work reminds us of artists like Paul Klee and Joan Miró whom he had studied during his college days.."

While I'm not an expert in Gaitonde's oeuvre, the database of his works that have sold at auction are usually either abstract or highly impressionistic; this painting is neither and I do not see a comparable signature. For these reasons, this is being evaluated conditionally as a fake and valued based on its decorative merit.
Based on the photos and information provided, and subject to examination, this is:

Vasudeo S. Gaitonde (Indian, 1924 - 2001)
Untitled (Landscape with Fisherman)
Depicting a fishing boat on a lake with figures, signed lower right.
oil on canvas
17 by 23 inches
CONDITION: Client represents this painting as in average condition; additional photographs necessary to make a more qualified condition assessment.
PROVENANCE: Acquired at a flea market
£800-1,200*
*represents a fair-market value for auction purposes; retail or asking price may vary.

Please let us know if you have additional items to appraise, or questions/concerns, and thank you again for using Mearto.
~ Delia