9. Section 21 of the principal enactment is hereby amended by the addition, at the end of that section, of the following new subsection : -
| " (7) Where the property to be valued is property in respect of which a contribution has been made, or has to be made, to the Personal Tax under Chapter IV of the Personal Tax Act, No. 14 of 1959, the value of such property for the purposes of this Ordinance shall be the value of such property for the purposes of the determination of such contribution increased by 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, and where the property to be valued is property in respect of which gifts tax under the Inland Revenue Act, No. 4 of 1963, has been paid or has to be paid, the value of such property for the purposes of this Ordinance shall be the value of such property for the purpose of the determination of such tax increased by the amount of such tax, the amount of such 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. ". |
|
|
Sri Lanka Consolidated Acts