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
Menu
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
Recent Threads
- Reverse charge .can transport company collect Rev
- LTCG-LOSS ON SALE OF EQUITY SHARES
- Exploring E-Invoicing and Automation: Transforming
- Tax Filing 2026
- Best CA Inter Costing classes
- Best CA foundation classes
- Best CA coaching in Laxmi Nagar
- TDS on DDA Flat Purchase
- Can CA Foundation be done without coaching
- Department issue notice to client to pay TC
Related Threads
CAclubindia
