6. Section 31 of the principal enactment is hereby amended as follows :"
| (1) in sub-paragraph (i) of paragraph (e) of subsection (2) of that section by the substitution for the words " while he is the owner of that house or site ; " of the words " while he is the owner of that house or site or while the owner of that house or site is the child, under eighteen years of age, of such individual"
| | (a) who has acquired ownership of such house or site, by way of gift from such individual; and | | |
| | (b) whose income has been, for the purposes of this Act, aggregated with that of such individual in that year of assessment; " ; | | |
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| (2) in the proviso to subsection (3) of that section"
| | (a) by the substitution, in paragraph (b) of that proviso, for the words " site in that year of assessment. ", of the words " site in that year of assessment; and " ; | | |
| | (b) by the addition, at the end of that proviso, of the following paragraph :-
| | | " (c) a deduction under subsection (1) shall be made for an year of assessment in respect of such qualifying payment, notwithstanding the fact that such individual is not the owner of such house or site in that year of assessment, if the owner of that house or site in that year of assessment is a child, under eighteen years of age, of such individual"
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| (3) in subsection (5A) of that section, by the substitution for the words and figures " for any year of assessment commencing on or after April 1, 1985 ", of the words and figures " for the year of assessment commencing on April 1, 1985 " ; and |
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| (4) by the insertion immediately after subsection (5A) of that section, of the following new subsection :-
| | " (5B) The deduction from the assessable income of any person other than a company, for any year of assessment commencing on or after April 1,1986"
| | | (i) in respect of all qualifying payments other than those referred to in paragraphs (b), (c), (m) and (n) of subsection (2), made by him or deemed to have been made by him, in that year of assessment, shall not exceed one-third of such assessable income or one hundred and fifty thousand rupees, whichever is less; |
| (ii) in respect of all qualifying payments referred to in paragraphs (c), (m) and (n) of subsection (2), made by him or deemed to have been made by him, shall not exceed one hundred and fifty thousand rupees ; and |
| (iii) in respect of the aggregate of all qualifying payments referred to in paragraphs (i) and (ii) of this subsection, shall not exceed one hundred and fifty thousand rupees.". |
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Sri Lanka Consolidated Acts