Under Section 105 of The Transfer Of Property Act, 1882, Lease defined as follow –
A lease of Immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.
In The Transfer Of Property Act, 1882,
The Transferor is called the Lessor.
The Transferee is called the Lessee,
The Price is called the Premium,
The Money, Share, Service or Other thing to be so rendered is called the Rent.