Unit-linked insurance policy capital gains are computed by prescribed formulas and deemed equity-oriented fund transfer gains. Capital gains arising on receipt of amounts under a specified unit-linked insurance policy, including bonus, are computed under prescribed formulae depending on whether the amount is received for the first time during the tax year or on subsequent receipts. For the first receipt, the amount received is reduced by the aggregate premium paid up to that date; for later receipts, amounts already considered in earlier years and the corresponding premium already accounted for are excluded. The resulting capital gains are deemed to arise from transfer of a unit of an equity-oriented fund under an insurance company scheme.