Section 302 of the Indian Penal Code specifies that punishment for murder can include death, life imprisonment, and a fine, depending on the circumstances. Murder is defined by mens rea, actus reus, concurrence, and causation, with exceptions for situations like grave provocation or self-defense. The judiciary exercises discretion in sentencing, following the 'rarest of rare' doctrine, and considering mitigating factors such as the offender's age and mental health.