MEANING OF LEASE AND FINANCE – ALL YOU NEED TO KNOW
LEASE
By the term lease, we mean a contractual arrangement whereby one party who can be an owner/ lessor/ leasing company buys the asset and grants the lessee the right to use the asset over the specified period, in exchange for periodical lease rental payments. The lease rental charges are paid as a consideration for the use of the asset, at short intervals. The charges amount to the income of the lessor….
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