Exemption given to notified class of investors - "It has been proposed in the Finance Bill that any consideration received by a closely held company in excess of the fair market value of its shares would be
taxable. Considering the concerns raised by
Angel Investors who invest in start-up companies, I propose to provide an enabling provision in the Income Tax Act for exemption to a notified class of investors."
Long Term Capital Gains (LTCG) exempted - With effect from 1 July2012, sale of unlisted equity shares under an offer for sale would be subject to Securities Transaction Tax of 0.2% on the value of the transaction. Accordingly, long-term capital gains on such sale would be exempt from tax.
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