Computation of capital gains for specified ULIPs: taxable gain equals amount received (including bonus) minus premiums paid, adjusted for prior taxation. New Rule 8AD prescribes that capital gains on amounts received under a specified unit linked insurance policy are computed on first receipt as the amount received including bonuses less aggregate premiums paid to that date; for subsequent receipts, taxable gain is the amount received excluding portions already taxed less aggregate premiums paid to date reduced by premiums previously considered. These computed gains are deemed to be gains from transfer of units of an equity oriented fund under an insurance company scheme.