50.*
| (1) An Assessor may give notice in writing to the executor of a deceased person requiring him to furnish within the period specified in such notice-
| | (a) a return of the income from the estate administered by him and the name and address of each heir and other person having any interest in the estate of the deceased person (such heir or other person hereinafter referred to as a " beneficiary") and his interest in such estate, for the purposes of income tax; | | |
| | (b) a return of the assets and liabilities of the estate administered by him and the names and addresses of the beneficiaries to, and their interest in, such estate, for the purposes of the wealth tax. | | |
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| (2) A beneficiary shall be chargeable with income tax or wealth tax in respect of his share of the income, or of the net wealth, to which he is entitled from the estate of the deceased person. |
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| (3) Where the income or the net wealth to which a beneficiary is entitled from the estate of a deceased person cannot be assessed, the executor shall be chargeable with income tax or wealth tax in respect of such income or net wealth. |
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| (4) The income tax or the wealth tax or any part thereof with which a beneficiary is chargeable in respect of his income or net wealth to which he is entitled from the estate of a deceased person may, notwithstanding that no assessment has been made upon the executor of the deceased person, be recovered from such executor, and accordingly the provisions of this Act as to collection and recovery of tax shall apply to such executor. Such executor shall be entitled to deduct the amount of such tax or part thereof from the income which will be payable to such beneficiary. |
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* The amendments made in section 50 by subsection (1) of section 22 of Act No. 18 of 1965 shall be deemed to have come into force on March 30, 1963.-See section 22 (2) of Act No. 13 of 1965. |
Sri Lanka Consolidated Acts