11. Section 32 of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor, of the following new-subsection:-
| " (1) Where according to the return of wealth furnished by a person in respect of any year of assessment such person is the head of a family, the wealth of each individual who is a member of that-family shall, for the purposes of this Act, be deemed to form part of the wealth of the head of that family and accordingly the value of the net wealth of all such members shall be aggregated with the net wealth of the head of that family for that year of assessment. Where, for the year of assessment ending on March 31, 1964, the aggregated net wealth of the head of that family amounts to or exceeds one hundred thousand rupees, such net wealth shall be his taxable wealth for that year of assessment and where, for any year of assessment commencing on or after April 1, 1964, the aggregated net wealth of the head of that family exceeds one hundred thousand rupees, such part of his net wealth as exceeds one hundred thousand rupees shall be his taxable wealth for that year of assessment, and the head, of that family shall be liable to the wealth tax in respect of such taxable wealth.". |
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Sri Lanka Consolidated Acts