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When the duration of lease is 99 years, it is called:

When the duration of lease is 99 years, it is called: Correct Answer long term lease

Explanation:

The leaseholder is known as the lessee and holds the physical possession of the property for a definite period under terms and condition specified in the lease document.
Other forms of the lease are as follows:

Building Lease: In this type of lease, the owner of a freehold open plot of land let out his land to the lessee on an agreed amount of premium or ground rent or a combination of both.

The leaseholder may then erect a building over there up to a specified amount and within a specified time and he maintains the property and can reside or earn income through such property.

Occupational Lease: In this type, the lease is granted against premium or rent or a combination of the two by an owner of property consisting of land and building or other structures for occupancy for a fixed period to another person.

Sublease – A leaseholder may render sub-lease of his leasehold property to other persons subject to the terms and conditions in the original lease and be allowed by Local regulations or Court of Law.

Perpetual Lease – When the lease of a property is given for a number of years providing a condition that lease is renewable time to time, even for endless time according to the desire of the leaseholder.

When a lease is granted for a period of 99 years, it is known as long term lease and when it is for 999 years it is said to be perpetuity or for an endless duration.

A short-term lease generally refers to a lease with a duration of fewer than six months. Often, they are based on a month-to-month rental agreement, which may or may not is renewed at the end of each month.

Related Questions

A' has let out his property at Delhi to 'B' at a rent of Rs. 3000/- per month on the terms and conditions contained in a registered lease dead. The lease deed provided for arbitration of all disputes between the parties. 'B' fails to vacate the property inspite of expiry of period of lease of two years. 'A' initiates arbitral proceedings under the Arbitration and Conciliation Act, 1996 in accordance with an arbitration clause in the lease deed seeking eviction/ejectment of 'B' from the property
Which of the following statements is/are true ? (i) Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee. (ii) Lease transactions in India are governed by the Lease Act. (iii) A lessee should evaluate the lease options against the buying option. (iv) As per AS - 19, financial lease is shown in the balance sheet of the lessee as an asset. Choose the correct answer from the code given below : 
Which of the following statement is/are true?
1. Tax shield on depreciation and interest is an important variable both for the lessor and the lessee.
2. Lease transactions in India are governed by the lease act.
3. A lessee should evaluate the lease options against the buying option.
4. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
Which of the following statements is/are true?
i. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee.
ii. Lease transactions in India are governed by the Lease Act.
iii. A lessee should evaluate the lease options against the buying option.
iv. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
Consider the following statements regarding the distinction between lease and licence:
(1) A lease is a transfer of an interest in land, whereas the licence does not create any interest in land
(2) Both lessee and licence-holders can sue a trespasser in his own name
(3) A lease can be assigned but a licence cannot be assigned
(4) A lease cannot be revoked until the end of the term, but a licence, subject to certain exceptions, can be revoked
Which one of the above statements is/are correct?
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