5. Section 17a of the principal enactment (inserted therein by Act No. 15 of 1959) is hereby repealed and the following new section substituted therefor:-
| 17A.
| | (1) 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 whose death occurs before the first day of November, 1973, 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 Sri Lanka 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 such person the amount of such gifts tax shall be set off against amount of estate duty payable on his Sri Lanka 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. | | |
| | (2) Where any contribution has been made to the Personal Tax under the Personal Tax Act, No. 14 of 1959, or gifts tax has been paid under the Inland Revenue Act, No. 4 of 1963, in respect of any property gifted by any person whose death occurs on or after the first day of November, 1973, the estate duty-payable on the Sri Lanka estate of such person shall be reduced by a sum which bears to such estate duty the same proportion as the value of the gifted property increased by the amount of such contribution or such gifts tax, as the case may be, bears to the value of the Sri Lanka estate of such person.". | | |
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Sri Lanka Consolidated Acts