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
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Taxability on sale of used car
Replies (1)
there's no tax liability since the car had been acquired by the person from the company for his personal use. there's no capital gain tax on sale of personal assets
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