Frequently asked in all judiciary exams. Lets look on the clear difference between the two.
i) License only permits another to make use of the property, whereas Lease creates an intrest to enjoy immovable property.
ii) License does not creates heritable and trust, whereas Lease creates heritable and trust.
iii) License is not assignable ( Eg: Liquor license cannot be assigned), whereas Lease is assignable (Eg: Crop to be sown in farm can be assignable).
iv) In License Registration is not required, whereas in lease registration is must( refer Sec 107 of Transfer of property act, 1882)
v) Under License no exclusive possession of property but umder lease there is exclusive use of property.