Lease of land
This query is : Resolved
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
(Expert)
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
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
Dhirajlal Rambhia
(Expert)
17 August 2023
To be taxed u/h IFOS.
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