Section 45(1A) - Capital Gains on Insurance Claims For Damage or Destruction of Capital Asset

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Full Text of the Document

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....hquake or other convulsion of nature, or * Riot or civil disturbance or * Accidental fire or explosion or * Action by an enemy or action taken in combating an enemy * then any profits or gains arising from such money or the FMV of other assets received from insurance company shall be deemed to be sales consideration for computing capital gains. * Capital gains shall be taxable in the yea....