Taxability on sale of used car

Nand (service) (46 Points)

11 August 2018  

Motor car purchased in the name of the Company is provided to a person for official purposes used by him exclusively.  After 5 years, the car is transferred to the person on recovery of tax on WDV.  If the person wants to sell this car after 6 months, will there be tax liability considering it as sale of capital item or there is no incidence of attracting tax considering it as personal asset/belonging