54.
| (1) This Chapter shall not apply to any gifts made by any individual-
| | (a) of immovable property situated outside Sri Lanka ; | | |
| | (b) of movable property situated outside Sri Lanka unless he is a citizen of Sri Lanka and is resident in Sri Lanka during the year of assessment in which the gifts are made; | | |
| | (c) to any child, whether such child is over or under eighteen years of age, of such individual in consideration of the marriage of such child subject to a maximum of twenty-five thousand rupees in value ; | | |
| | (d) to a charity which is an approved charity within the meaning of section 31 (9) of this Act or section 16A of the Inland Revenue Act, No. 4 of 1963, each such gift being over one thousand rupees in value, subject to a maximum of three hundred thousand rupees in value for the lifetime of such individual in respect of gifts made on or after July 18, 1958 ; | | |
| | (e) to the Government or to any local authority; | | |
| | (f) in a year of assessment the value of which, or if more than one gift is made in that year, the aggregate value of such gifts, does not exceed two thousand rupees in value; | | |
| | | (h) in contemplation of death. | | |
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| (2) This Chapter shall not apply to any gifts made by any company to the Government or to any local authority or to a charity which is an approved charity within the meaning of section 31 (9) of this Act or section 16A of the Inland Revenue Act, No. 4 of 1963. |
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| (3) For the purposes of subsection (1), a property shall be deemed to be gifted by any individual in contemplation of his death if he, being ill and expecting to die of his illness, gives to any person possession of that property which is to be a gift to that person in case the donor dies of his illness, the gift being revocable by the donor and being in operative in the event of the donor's recovery from his Illness or his surviving that person. |
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Sri Lanka Consolidated Acts