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This query is : Resolved

Imran H Mansuri (Querist)

25 December 2013 The assessee i.e. lessor had given land & building on rent to lessee. The lessee entered into agreement with lessor for extending lease period for 99 yrs. and right to redeveloped the property & in return received premium from lessor. whether premium received in taxable as rent income and subject to TDS

Guest

Guest (Expert)

25 December 2013 Ya it would be covered under section 194 I.
Read the defination of Rent
(i) “rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—

(a) land; or

(b) building (including factory building); or

(c) land appurtenant to a building (including factory building); or

(d) machinery; or

(e) plant; or

(f) equipment; or

(g) furniture; or

(h) fittings,

(whether or not any or all of the above are owned by the payee;]

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