9. Section 21 of the principal enactment is hereby amen-
| (1) by the renumbering of that section as subsection (1) of that section ; |
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| (2) by the substitution, in the renumbered subsection (1) of that section, for the words " sells any house or flat ". of the words and figures " sells on or before March 31,1989, any house or flat,"; and |
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| (3) by the addition immediately after the renumbered subsection (1) of that section of the following subsection:
| | " (2) Where any person who carries on an undertaking for the construction and sale of houses or flats, being an undertaking approved by the Commissioner for National Housing having regard to the housing policy of the Government, sells on or after April 1, 1989, any house or flat, the floor area of which does not exceed two thousand square feet and the construction of which was commenced by such person on or after January 1, 1977, such sale being the first sale of that house or flat, seventy five per centum of the profits and income arising from such sale shall be exempt from income tax.". | | |
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Sri Lanka Consolidated Acts