12.
| (1) Any husband or wife may give notice in writing to the Commissioner within three months after the date of commencement of this Act or before an assessment of the capital levy is made requiring that capital levy shall be assessed, imposed and recovered separately on the leviable capital of the husband and on the leviable capital of the wife as if they were not married; and all the provisions of this Act shall thereupon apply to each of them accordingly: |
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| (2) Where the capital levy is assessed separately on the net capital of the husband and on the net capital of the wife as a result of a notice given under sub-section (1), the value of the net capital of the husband and the value of the net capital of the wife and the value of the net capital of any individual who, according to the returns of net capital furnished by the husband and the wife, is a child or dependent relative of either or both of those spouses shall be aggregated and the capital levy that would be payable by the husband if such notice had not been given shall be ascertained in accordance with the provisions of this Act. The amount of the capital levy so ascertained shall be apportioned among the husband and the wife in the proportion which the value of the net capital of each of them bears to the value of the aggregate net capital of both of them. |
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Sri Lanka Consolidated Acts