Tax on long-term capital gains.

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....n the total income, subject to sub-sections (2), (3) and (4), shall be the aggregate of- (a) income-tax payable on the total income as reduced by such long-term capital gains, had the total income, as so reduced, been his total income; and (b) income-tax calculated on such long-term capital gains at the rate of 12.5%. (2) In the case of an individual or a Hindu undivided famil....

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....:-- E = A - B where-- E = excess income-tax to be ignored; A = income-tax computed under sub-section (1)(b); B = income-tax computed under sub-section (1)(b) taking the rate as 20% and the capital gains is computed by taking the cost of acquisition as "indexed cost of acquisition" and the cost of improvement as "indexed cost of improvement". (4) In t....