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of <h1>Income-tax Act Section 45 Amended: Insurance Payouts for Asset Damage Taxed as Capital Gains from April 1, 2000.</h1> Section 45 of the Income-tax Act is amended to include a new sub-section (1A), effective April 1, 2000. This provision states that any money or assets received from an insurer for damage or destruction of a capital asset due to natural disasters, riots, accidental fire, explosions, or enemy actions will be taxed as capital gains. The value of the received money or assets will be considered the full value of the consideration for the transfer of the capital asset. The term 'insurer' is defined as per the Insurance Act, 1938.
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