Identifiying financial lease

As per AS - 19, whether a lease is a finance or operating lease, it depends on the substance of the transaction rather than its form. Some of the following indicators for financial lease are -
1) The lessee has the option to purchase the asset at the price which is expected to be sufficiently lower than the fair value at the date the option becomes exercisable.
2) The lease term is for the major part of the economic life of the asset, even if the title is not transferred.
3) The leased asset is of a specialised nature such that the lessee can use it without any major modifications being made.