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of <h1>Section 67: Tax on capital gains from diverse asset transfers with special valuation, timing, and computation rules</h1> Section 67 imposes income tax on profits from transfer of capital assets as capital gains in the year of transfer, subject to listed exceptions. Special rules treat insurance receipts for asset damage, unit-linked policy payouts, conversion of assets to stock-in-trade, transfers of beneficial interests in securities, contributions to firms on becoming partners, reconstitution distributions, enhanced compensation on compulsory acquisition, and transfers under specified real-estate development agreements as taxable capital gains in specified years with prescribed valuation rules. Cost, holding period, and consideration for computing gains are often determined by deemed fair market values, FIFO for securities, and other specific adjustments; certain enhanced awards have nil acquisition cost.
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