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Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding

Income Tax - 35/2016 - Dated:- 13-10-2016 - Circular No. 35 of 2016 F No.275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated: 13th October, 2016 Subject: . Section 194-I of the Income-t .....

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ease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or machinery or plant or equipment or furniture or fittings. 2. The issue of whether or not TDS under section 194-I of the Act is applicable on 'lu .....

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ard has taken note of the fact that in the case of The Indian Newspaper Society (ITA No. 918 & 920/2015), the Hon'ble Delhi High Court has ruled that lease premium paid by the assessee for acquiring a plot of land on an 80 years lease was in .....

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years and since there was no provision in lease agreement for adjustment of premium amount paid against annual rent payable, the payment of lease premium was a capital expense not requiring deduction of tax at source under section 194-I of the Act. .....

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vable property for 99 years could not be taken to constitute rental income in the hands of the lessor, obliging the lessee to deduct tax at source under section 194-I of the Act and that in such a situation the lease assumes the character of "de .....

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