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Union finance minister Nirmala Sitharaman today announced further tax incentives to encourage aircraft leasing in the country.
In her budget speech, Sitharaman said leasing companies setting up operations in the Gujarat International Financial Services (GIFT) City will be eligible for tax holiday on capital gains and tax exemption for aircraft lease rentals paid to foreign lessors.
In the 2019 budget, the government had announced 15 year tax deduction for companies setting up operations in GIFT City. Rules and regulations for leasing operations are currently being drafted.
