17 February 2012
Is lease of land for 30 years covered as transfer U/s 2(47) of the Income Tax Act 1961? Is it subject to capital gains if some consideration is received in doing so? Please help.
18 February 2012
if the immovable property is to be transferred by way of lease,- (A) in a case where the consideration for the transfer consists of premium only the amount of premium as specified in the agreement for transfer; (B) in a case where the consideration for the transfer consists of rent only, the aggregate of the moneys (if any) payable by way of rent and the amounts for the service or things forming part of or constituting the rent, as specified in the agreement for transfer; So in my opinion this will attract capital gain. Opinions are invited
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