Lease of land

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swasti (Querist)
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21 February 2013 A company "X" leases land to other company "Y" for a long time. In lieu of leasing, company "Y" issues shares to company "X" in the form of one time lease premium. Whether this one time lease premium is taxable in the hands of company "X". If taxable, whether it would be capital gain or income from other sources? Whether it is taxable with virtue of section 2(47)(vi) of the Income Tax Act 1961? Expert opinions sought.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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21 February 2013 since there is involvement of Shares

yes it will taxable considering U/s 2(47)(vi)

and since the same comes under the purview of Transfer it will be taxable under Capital Gains

have other Expert Opinion

swasti

swasti (Querist)
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22 February 2013 Thanks Sourabh ji. Other expert opinions invited.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 August 2023 To be taxed u/h IFOS.

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