112A. Tax on longterm capital gains in certain cases.
(1)Notwithstanding anything contained
in section 112, the tax payable by an assessee on his total income shall be determined in accordance with
the provisions of sub -section ( 2), if- (i)the total income includes any income chargeable under the head “Capita l gains”; (ii)the capital gains arise from the transfer of a long -term capital asset being an equity share in a
company or a unit of an equity oriented fund or a unit of a business trust; (iii)securities transaction tax under Chapter VII of the Finance ( No.2) Act, 2004 has, - (a)in a case where the long -term capital asset is in the nature of an equity share in a
company, been paid on acquisition and transfer of such capital asset; or