Capital Gains
This query is : Resolved
CA Sanjay Baheti
(Querist)
24 June 2010
The company has been alloted land and right to construct Building on that under a lease of 99 years. The company subleases the same on exactly the same term ( Period 99 years ) and receives rent every month for the lease term. No upfront payment has been taken by the lessor. Query: How would this income be taxed ? Will income be treated as Capital gain ?
Shudhanshu Agrawal
(Expert)
24 June 2010
As per Section 27 if lease period is for 12 or more years then the lessee will be considered as deemed owner of the property.
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