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Legal & Taxation Aspect of Lease-1

Legal & Taxation Aspect of Lease-1

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Published by souvik.icfai
Legal & Taxation Aspect of Lease-1 - FINANCIAL SERVICES
Legal & Taxation Aspect of Lease-1 - FINANCIAL SERVICES

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Published by: souvik.icfai on Dec 06, 2009
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12/05/2009

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LEGAL & TAXATIONASPECT OF LEASE
 
 
LEGISLATIVE FRAMEWORK 
 
Lease is defined under TOPA 1882 & Indian registration Act1899 but relates to lease of immovable property No exclusive legislation to regulate equipment lease in Indiaas HP Act 1972 for Hire purchase is thereBut lease resembles closely to
“Bailment”
Under IndianContract act 1872.
Bailment
is delivery of goods by one person to other for some purpose upon a contract that they shall ,when the purpose is accomplished , return or dispose off the property
Bailor
resembles to lessor &
bailee
to lessee
 
BAILOR & BAILEE
 
Bailor is responsible for putting goods in possession of baileeBailment doesn’t commence until goods are deliveredBailor is required to disclose the faults in good bailed of which he isawareBailor responsible for any loss to bailee
( NOT APPLICABLE TOLESSOR)
Bailee bound to take reasonable care of leased assetsBailee is responsible for his own negligent actsBailee not to act inconsistent with the agreementBailee must return goods on expiry of time fixedBailee required to pay sum specifiedBailee to protect bailor’s title over goods

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