Any Individual or his legal heirs
Nature of Income
Any compensation received from State or Central Government on account of any disaster
Conditions laid down for Tax Exemption
In case if the assessee is allowed deductions under the IT Act for any payment in connection with any loss or damage caused by such disaster, the same shall not be allowed under this clause.
The expression "disaster" shall have a meaning as defined under section 2(d) of Disaster Management Act, 2005.