The government is considering exempting overseas funds from complying with Section 56.2.Vii b, otherwise known as angel tax, two people with knowledge of the matter said.
In February, the Union budget proposed to bring foreign investors under the ambit of the controversial section that applies to the premium paid over a company’s so-called fair market value when raising capital. The provision will come into effect from 1 April 2024 and remains unchanged in the Finance Bill for the year starting 1 April.
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