56.
| (1) The value of any property (other than cash) which constitutes a gift shall, subject as hereinafter provided, be the market value of such property on the date on which the gift was made. |
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| (2) Where the gift made in any year of assessment consists of shares to which section 49 (2) (b) applies, the value of such shares shall be their value on April 1, of that year of assessment determined in accordance with the provisions of that section. |
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| (3) Any property which constitutes a gift and which is subject to any reservation in favour of the donor or any other person shall be valued as if that property had passed to the donee without that reservation. |
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| (4) Where the value of any property (other than property to which subsection (2) applies) cannot be ascertained under subsection (1) because it is not saleable in the open market, its value shall be determined in the prescribed manner. |
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Sri Lanka Consolidated Acts