Capital Levy Act (No. 51 of 1971)

Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Capital Levy Act (No. 51 of 1971) - Sect 5

Certain property to be excluded from capital

(1) There shall be excluded from the capital of a person- For the purposes of paragraphs (v) and (w), " occupational income " shall have the meaning assigned to that expression in section 129 of the principal Act.

	(a) his immovable property which is outside Ceylon;

	(b) being a person not resident in Ceylon on March 31, 1971, his movable property which is outside Ceylon;

	(c) being a person who is resident in Ceylon on March 31, 1971, but who is not a citizen of Ceylon, his movable property which is outside Ceylon;

	(d) being a member of a Hindu undivided family, his interest in the coparcenary property of such family;

	(e) any household effects or other articles (not including jeweler of personal use of which he is the owner;

	(f) any such interest in any property as is available to him for a period not exceeding six years;

	(g) the rights under any patent, copyright, trade mark or registered design belonging to him unless those rights are held by him as assets of a business, profession or vocation;

	(h) his right or interest in any life insurance policy before moneys covered by that policy become due and payable to him;

	(i) his right to receive a pension or other life annuity;

	(j) any tools and instruments necessary for him to carry on his profession or vocation, subject to a maximum of twenty thousand rupees in value;

	(k) any instruments and other apparatus used by him for purposes of scientific research;

	(l) any works of art, archaeological, scientific or art collections, books or manuscripts belonging to him and not intended for sale;

	(m) any drawings, paintings, photographs and prints belonging to him and not intended for sale;

	(n) any heirlooms belonging to him and not intended for sale, but not including jewellery;

	(o) any jewellery belonging to him or, if he is the head of a family, any jewellery belonging to him and the members of his family, subject to a maximum of twenty-five thousand rupees in value;

	(p) being an employee, the amount to his credit in any provident fund;

	(q) any property of which he is the owner but the life interest in which subsists in any other person;

	(r) any sum due from him by way of income tax or wealth tax in respect of any year of assessment ending not later than March 31, 1972, or by way of estate duty in respect of the estate or any part of the estate of a deceased person which has passed to him and which is included in his capital for the purposes of this Act;

	(s) any sum due from him by way of gifts tax in respect of any gift made by him at any time on or before September 30, 1971;

(t) being an heir to the estate of any person who dies on or after April 1, 1971, but before the date of commencement of this Act, the amount of the estate duty paid or payable by him in respect of such part of the estate of the deceased as is deemed under section 9 to have devolved on him on March 31, 1971, or being the executor of the estate of any such person, the amount of the estate duty paid or payable by him;

	(u) motor cycles belonging to him and kept for his personal use or, if he is the head of a family, motor cycles belonging to him and kept for his personal use or belonging to any member of his family and kept for the personal use of that member;

(v) any motor car which is kept for his personal use or if he is the head of a family, any motor car which is kept for his personal use or for the personal use of any member of his family and of which he or that member of his family became the owner or possessor prior to April 1, 1968, and any motor car which is kept for the personal use of any member of his family who is a child in receipt of occupational income and of which that member of his family became the owner or possessor on or after April 1, 1968;

(w) a sum of twenty-five thousand rupees out of the total value of the motor cars which are kept for his personal use and of which he became the owner or possessor on or after April 1, 1968, or if he is the head of a family, a sum of twenty-five thousand rupees out of the total value of the motor cars which are kept for his personal use or the personal use of the members of his family (not being children in receipt of occupational income) and of which he or those members became the owners or possessors on or after April 1, 1968;

	(x) any immovable property in which he has a contingent interest or the life interest in which subsists in any other person.

(2) Where any sum or amount which is payable by any person by way of income tax, wealth tax, gifts tax or estate duty and which is excluded under subsection (1) from the capital of that person has not been assessed, an Assessor may determine a sum or amount which appears to him to be a reasonable estimate of such income tax, wealth tax, gifts tax or estate duty, as the case may be, and the sum or amount so determined shall be excluded from the capital of that person.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]