Modi announces capital gains, income tax sops for start-ups

Prime Minister Narendra Modi on Saturday announced a three-year income tax holiday for start-ups and exemption of capital gains tax for venture capital investments in them, as part of a host of incentives to promote new enterprises in the country.

He also announced self-certification and three-year exemption from inspections, an online portal and mobile app, an 80-percent cut in the patent application fee, a single-point hub for hand-holding, equal opportunities in government procurement and a Rs.10,000-crore dedicated fund for start-ups.

The prime minister made these announcements at an event to launch the "Start-Up India Action Plan".