Insertion of new section 112

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..... come, arising from the transfer of a long-term capital asset, which is chargeable under the head "Capital gains", the tax payable by the assessee on the total income shall be the aggregate of, - (a) in the case of an individual or a Hindu undivided family, - (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the tota .....

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..... ome; and (ii) the amount of income-tax calculated on such long-term capital gains at the rate of forty per cent. : Provided that in relation to long-term capital gains arising to a venture capital company from the transfer of equity shares of venture capital undertakings, the provisions of sub-clause (ii) shall have effect as if for the words "forty per cent.", the words "twenty .....

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..... the prescribed authority may, having regard to the following factors, approve for the purposes of this sub-section, namely :- (1) the total investment in the company does not exceed ten crore rupees or such other higher amount as may be prescribed; (2) the company does not have adequate financial resources to undertake projects for which it is otherwise professionally or technically equipped; .....

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