How can i use a purchased version of Lion on a new Air to install on an existing iMac?

I have just bought a new Macbook air today which comes with Lion. I also have an iMac 27" at home already running Snow Leopard. Do I have to buy another copy of Lion for the iMac or am I entitled to use the installation I have with the Air? How would I go about getting Lion on the iMac in this case?

Yes, legally (and probably technically as well) you need to purchase Lion for your iMac. The copy that will come with your new MBA is licensed only for that system.
Regards.

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