32. *
| (1) Where according to the return of wealth furnished by a person in respect of a year preceding any year of assessment such person is the head of a family, the wealth of each individual who is a member of that family shall, for the purposes of this Act, be deemed to form part of the wealth of the head of that family and accordingly the values of the net wealth of all such members shall be aggregated with the net wealth of the head of that family for that year of assessment. Where for the year of assessment ending on March 31, 1964, the aggregated net wealth of the head of that family amounts to or exceeds one hundred thousand rupees, such net wealth shall be his taxable wealth for that year of assessment and where for any year of assessment commencing on or after April 1, 1964, the aggregated net wealth of the head of that family exceeds one hundred thousand rupees, such part of his net wealth as exceeds one hundred thousand rupees shall be his taxable wealth for that year of assessment, and the head of that family shall be liable to the wealth tax in respect of such taxable wealth.[* The amendment made in section 32 by section 8 (1) of Act No. 12 of 1964 shall be deemed to have come into force on April 1, 1964.-See section 8 (2) Act No. 12 of 1964.] |
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| (2) Where the debts of an individual included in a family exceeds his wealth, then such excess shall be set off against the aggregated net wealth of the head of that family. |
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Sri Lanka Consolidated Acts