Capital gains chargeability: transfers generally taxed in the year of transfer, with specified statutory exceptions affecting timing. Profits and gains from transfer of a capital asset are chargeable to tax as capital gains in the previous year of transfer, subject to exemptions. Specific statutory exceptions modify timing: insurance claim receipts on damaged assets are taxed on receipt; certain ULIP maturities are chargeable where exemption is inapplicable; conversion into stock in trade defers tax until sale; compulsory acquisition compensation is taxed when first received; joint development agreements have special computation rules; repurchase or termination of specified mutual fund units gives rise to capital gains on repurchase or termination.