I learned this way: X's picture of Y; X: the owner of the picture. Y: the person who is in the picture. (EX) I like my father's picture of his parents who died when he was my age.
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Paco2004Hello KrishOh!. I had something in my mind to ask but
I'm not sure whether I correctly got what you are asking.
"It is a picture of me" is "It is a picture in which I am". "It is my picture" is "It is a picture I have". "It is a picture of mine" is an emphatic/double possessive version of "It is my picture".
paco