https://www.taxtmi.com/caselaws?id=765665 A one-time premium or salami paid on grant of a lease is consideration for transfer of the right to enjoy immovable property, distinct from recurring rent, but still forms part of the taxable value of renting of immovable property. The text explains that section 105 of the Transfer of Property Act recognises lease consideration and periodic rent together, and that the Finance Act, 1994 covers leasing and similar arrangements; from 01.07.2012, renting of immovable property also became a declared service. Accordingly, the lump-sum premium is taxable under renting of immovable property for both the pre-01.07.2012 and post-01.07.2012 periods, and the contrary Tribunal view was rejected. en-us Mon, 27 Jan 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765665 A one-time premium or salami paid on grant of a lease is consideration for transfer of the right to enjoy immovable property, distinct from recurring rent, but still forms part of the taxable value of renting of immovable property. The text explains that section 105 of the Transfer of Property Act recognises lease consideration and periodic rent together, and that the Finance Act, 1994 covers leasing and similar arrangements; from 01.07.2012, renting of immovable property also became a declared service. Accordingly, the lump-sum premium is taxable under renting of immovable property for both the pre-01.07.2012 and post-01.07.2012 periods, and the contrary Tribunal view was rejected. Case-Laws Service Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765665