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Govt grants income tax exemption to ICC World Cup

Workers erect an inflatable model of the 2011 Cricket World Cup trophy outside a workshop in Hyderabad February 2, 2011. REUTERS/Krishnendu Halder/Files

NEW DELHI (Reuters) - India approved a proposal to exempt the Cricket World Cup from income tax on Thursday, granting the tournament an estimated 450 million rupee ($10.1 million) windfall.

“The Union Cabinet today approved the proposal of the Ministry of Finance for exempting the ICC Cricket World Cup 2011 from income respect of income which is arising in India,” a government statement said.

“The financial implication will be 450 million rupees approximately.”

India and Sri Lanka play the final of the six-week long tournament, which has been hosted by Bangladesh, India and Sri Lanka, in Mumbai on Saturday.

India granted tax exemption on income to residents and non-residents gained from international sporting events held in India in 2006, in time for that year’s ICC Champions Trophy cricket tournament.

India often exempts ticket sales for popular movies from taxes, especially films which are seen as carrying a social or patriotic message.

($1 = 44.630 Indian Rupees)

Reporting by Henry Foy; editing by Matthias Williams and Alan Baldwin