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What is the Difference between hire purchase and a finance
Lease
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Answer Posted / himanshu
Hire purchase is a purchase of an asset in which customer
makes down payment and finance rest of the ammount through
financial insti or bank.On rest of the unpaid amnt he pays
interest at a certain pre-described rate of interest.After
making complete payment the assest becomes the legal right
of customer.
Lease on the other hand is an agreement of using asset for
certain period and paying rent on it at a pre-described
rate of interest.It is a temorary acuiring of an asset just
to use it.Generally Pvt schools are bulid on lease land.
Interest on lease is fully exemt from tax.
| Is This Answer Correct ? | 110 Yes | 28 No |
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