39.
| (1) Subject to the other provisions of this Chapter, there shall be charged from every individual, other than an individual referred to in section 23, a tax which is hereinafter in this Act referred to as the " gifts tax " in respect of the taxable gifts made by such individual-
| | (a) at the rate or rates specified in the Fourth Schedule to this Act, for the year of assessment commencing on April 1, 1963; | | |
| | (b) at the rate or rates specified in the Fifth Schedule to this Act, for the year of assessment commencing on April 1, 1964; and | | |
| | (c) at the rate or rates specified in the Sixth Schedule to this Act, for every year of assessment commencing on or after April 1, 1965. | | |
|
|
| (2) Such part of the amount of the gifts tax paid by an individual in respect of his taxable gifts for any year of assessment as is attributable to the value of any one of his taxable gifts shall be deemed to be a sum which bears to the value of that gift the same proportion as the amount of the gifts tax bears to the value of his taxable gifts. |
|
| (3) Where stamp duty has been paid in respect of an instrument by which an individual has made a taxable gift, the amount of such stamp duty shall be set off, to the extent that it can be set off, from the amount of the gifts tax in respect of his taxable gifts. |
|
| (4) The individual liable to gifts tax in respect of taxable gifts shall be the donor, but where such tax cannot be recovered from the donor, it may be recovered from the donee notwithstanding that no assessment has been made upon the donee, and the provisions of this Act as to collection and recovery of the gifts tax shall apply accordingly: |
|
|
Sri Lanka Consolidated Acts