https://qz.com/1291007/indias-angel-tax-exemption-is-unlikely-to-help-many-startup-investors/

On May 24, the Narendra Modi government met a long-standing demand of the Indian startup community, announcing that angel investors will receive full exemption on their investments in startups. But certain conditions apply, effectively meaning that very few young companies gain from the move.

So far, an “angel tax” of over 30% was levied on funds invested by individuals in unlisted firms at a share price higher than the fair market value. Indian angel investors paid this hefty tax, even as venture capital firms and foreign investors were exempt from it.