69.*
| (2) Where in the year preceding any year of assessment ending prior to April 1, 1965, an individual makes an approved investment, then-
| | (a) the actual amount of that investment, or | | |
| | (b) an amount representing one-fifth of the assessable income of that individual, or if that individual is a member of a family, of the head of that family, for that year of assessment, or | | |
| | (c)fifty thousand rupees, | | |
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| (2A) Where the entirety of the assessble income of a wife or child for any year of assessment is aggregated with the assessable income of the head of the family of which such wife or child is a member, any approved investment made by such wife or child shall be deemed to be an approved investment made by the head of the family. |
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| (2B) Where an individual has, or is deemed to have, made in any year of assessment two or more approved investments, the aggregate amount of such investments shall be treated as one approved investment for the purposes of this section. |
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| (3) An individual who has, or is deemed to have, made in the year preceding any year of assessment ending prior to April 1, 1965, an approved investment shall, be entitled on account of that investment, to such relief from income tax as will secure that the tax payable by him, or if he is a member of a family, by the head of that family, is reduced to the amount which would be payable as the tax if the permitted allowance in relation to that investment were deducted from his statutory income, or the statutory income of the head of that family, as the case may be: |
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| (4) No relief under subsection (3) shall be allowed in respect of any investment by an individual in an undertaking referred to in section 19 (2) of the Finance Act, No. 65 of 1961. |
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| (5) Where the ownership of any investment in respect of which relief had been granted to an individual under subsection (3) changes, otherwise than by the death of that individual, within a period of six years after the date of such investment, then in respect of the year of assessment in which such relief was granted an additional assessment consisting of the difference between the amount of income tax to which that individual, or if that individual is a member of a family, the head of that family, would have been liable if such relief had not been granted and the amount of tax which that individual or the head of that family had paid for that year of assessment shall, notwithstanding anything in this Act, be made in respect of that individual or the head of that family and the provisions of this Act relating to notice of assessment, appeal and other proceedings shall apply in relation to such additional assessment. |
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Sri Lanka Consolidated Acts