7. Section 12 of the principal enactment is hereby amended as follows:-
| (1) in paragraph (b) of subsection (1) of that section. by the substitution for the words "income accruing to the owner of a house", of the words and figures "income accruing to the owner of any house constructed prior to April 1,2003"; |
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| (2) by the insertion immediately after subsection (1) of that section of the following subsection :"
| | (1A) There shall be exempt from income tax the income accruing to the owner of any house constructed on or after April 1, 2003. for the year of assessment, in which the construction of such house was completed and for the four years of assessment immediately succeeding that year of assessment if such house is used solely for residential purposes. ". | | |
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Sri Lanka Consolidated Acts