15.
| (1) Subject as hereinafter provided, the value of any property shall be estimated to be the price which In the opinion of an Assessor, such property would fetch if sold in the open market at the date of death of the deceased, and no reduction shall be made in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time: |
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| (2) Where income in respect of any property has accrued due but has not been received by the deceased prior to Ms death, the value of that property for the purposes of this Act shall be the aggregate of the price estimated under subsection (1) and the amount of such income. |
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| (3) Where the property to be valued is an undivided share in any land, the value of that undivided share shall be the proportionate amount of the value of the whole land as estimated under subsection (1) reduced by an amount equivalent to ten per centum of such proportionate amount. |
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| (4)
| | (a) Where the property to be valued consists of shares (not being preference shares) In any company which by its articles restricts the right to transfer its shares or which is a company controlled by not more than five persons and the Commissioner General is satisfied that the shares have not within the period of twelve month immediately preceding the death of the deceased been quoted in the official list of a recognized stock exchange or in a list of a like nature issued in Sri Lanka by any association of brokers approved by the Secretary to the Treasury for the purpose of this Act may notwithstanding anything in subsection(1)be estimated by reference to the value o the total assets of the company . | | |
| | (b) For the purposes of paragraph (a) | | |
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Sri Lanka Consolidated Acts