8. The following new section is hereby inserted immediately after section 17, and shall have effect as section 17A, of the principal enactment: -
| 17A. Where any contribution has been made, or has to be made, to the Personal Tax under the Personal Tax Act, No. 14 of 1959, in respect of any property which has been gifted by any person, the amount of such contribution, without deducting from that amount any sum allowed to be deducted under section 19 (3) of the Personal Tax Act, No. 14 of 1959, shall be set off against the amount of the estate duty payable on his Ceylon estate upon his death and where any gifts tax has been paid or has to be paid under the Inland Revenue Act, No. 4 of 1963, in respect of any property which has been gifted by any person, the amount of such gifts tax shall be set off against the amount of the estate duty payable on his Ceylon estate upon his death, the amount of the gifts tax for the purposes of this section being computed without deducting any stamp duty which was paid in respect of the instrument by which the gift was made.". |
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Sri Lanka Consolidated Acts