25. Section 56 of the principal enactment is hereby amended by the insertion, immediately after subsection (1) of that section, of the following subsection:-
| "(1A) Where the property constituting the gift is immovable property which had been acquired by the donor prior to April 1, 1977, the market value of that property on the date of the gift shall be deemed to be the market value of that property on April 1, 1977 increased by an amount equal to the cost of any improvements, additions or alterations made to that property on or after April 1, 1977, or its market value on April l, of that year whichever is less,". |
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Sri Lanka Consolidated Acts