The Difference Between Lease And Leave And Licence
April 21, 2013 15 Comments
A Lease, defined under Section 105 of The Transfer of Property Act, 1882, is a transfer of the right to enjoy the concerned property for a pre-defined time period or in perpetuity. The lessor (owner of the property) gives the lessee (the one leasing the property) such consideration periodically, usually at the beginning or end of a lease agreement.
License is defined in Section 52 of the Indian Easements Act,1882. License does not allow any interest in the premises on the licensee’s part. It merely gives the licensee the right to use and occupy the premises for a limited duration.
- Lease is an inheritable right, which is available as a right against any person in the world. Licence is not an inheritable right. It is personal and exclusive to the Licensee and on death it automatically stands revoked.
- Lease creates interest on the leased property in favour of the lessee. In license no such interest is created in the licensee. Read more of this post
If you have been following the Air Asia JV in India,you are bound to have come across the company Telestra Tradeplace. If you are curious to read more about the people behind this obscure company,continue reading this post.You will definitely get to know more about how business is actually done.
wealthymatters 