Income-tax Act, 1961
Section - 45 - Capital gains
E.-Capital gainsCapital gains.45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place.(1A) Notwithstanding anything contained in sub-section (1), where any person receives at any time during any previous year any money or other assets under an insurance from an insurer on account of damage to, or destruction of, any capital asset, as a result of-
| (i) | - | flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or |
| (ii) | - | riot or civil disturbance; or |
| (iii) | - | accidental fire or explosion; or |
| (iv) | - | actio .... To read the full section download the app from Google Play store
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