(1)Where the total income of an assessee includes any income chargeable under the head "Capital gains", arising from the transfer of a short-term capital asset––(a)being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust; and(b)the transaction of sale of such equity share or unit is chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004, then,the tax payable by the assessee on the total income, subject to the provisions of sub-section (2), shall be the aggregate of—(i)income-tax calculated on such short-term capital gains at the rate of 20%;(ii)income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee.
