If substantial risks and rewards are not transferred to the lessee; then it should be classified as a)Capital Lease b)Finance Lease c)Operating Lease?

It is classified as Operating Lease. (IAS - Leases)

Finance lease and Capital lease are same only difference is that in Capital lease - Lessor agrees to transfer the ownership rights to the lessee after the completion of the lease period where as in Finance lease there is only an option to transfer the ownership rights to the lessee after the completion of the lease period.

C according to IAS all such leases should be classified as Operating Leases.

C. Operating lease. This is a short term lease.