16. Where the property passing on the death of a person consists of the proceeds from an insurance policy effected by the deceased on his life or from any Tax Reserve Certificate purchased by the deceased, the value of such proceeds shall be deemed to be the amount of such proceeds reduced by:
| (a) such part of that amount as is available for payment of estate duty ; or |
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| (b) the amount of estate duty that would become payable had the entirely of such amount formed part of the estate of the deceased, |
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whichever amount is the lower. |
Sri Lanka Consolidated Acts