2. Section 7 of the Inland Revenue Act, No. 28 of 1979 (hereinafter referred to as the " principal enactment ") is hereby amended in subsection (3) of that section as follows :
| (1) by the substitution in paragraph (b) of that sub- section for the words " paragraph (h) and paragraph (I),", of the words " paragraph (h), para graph (I) and paragraph (m)," ; |
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| (2) by the substitution in paragraph (k) of that sub- section for the words " of that property at that time : and ", of the words " of that property at that time;" ; |
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| (3) by the substitution in paragraph (I) of that subsection for the words and figures " after April 1, 1977." of the words and figures " after April 1, 1977; and " ; and |
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| (4) by the addition immediately after paragraph (I) of that subsection of the following paragraph:
| | " (m) where the property is immovable property and that property was acquired by way of gift or inheritance on or after April 1, 1977, by the person to whom such gain arises from any person who had acquired such property on or after April 1, 1977, the value of such property at the time when it was acquired by the first mentioned person shall
| | | (i) if the second-mentioned person had acquired that property by purchase, be an amount equal to the cost of such purchase; and |
| (ii) if the second-mentioned person had acquired that property otherwise than by purchase, be an amount equal to the market value of the property at the time of such acquisition, |
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Sri Lanka Consolidated Acts