Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Inland Revenue (Amendment) Law (No. 30 of 1978) - Sect 3

Amendment of section 4 of the principal enactment

3. Section 4 of the principal enactment is hereby amended by the repeal of subsection (3) of that section and the substitution therefor of the following new subsection: -
'' (3) The amount of a capital gain shall be computed after making the following deductions: -
(a) any expenditure (other than the purchase price if any) incurred on or after April 1, 1957, solely in connection with the acquisition of the property by the person who is the owner of that property immediately before the occurrence of the transaction which resulted in such gain;
(b) the expenditure incurred on or after April 1, 1957, by the aforesaid owner in making any improvements, additions or alterations to that property if no deduction in respect of such expenditure is allowed under section 10 or section 53 or section 53A or section 53B;
(c) the expenditure incurred by the aforesaid owner solely in connection with the transaction which resulted in such gain; and
(d) in the case of a change of ownership of any immovable property occurring on or after April 1, 1977 -
(i) where the change of ownership occurs not less than five years but not exceeding fifteen years after the acquisition of that property by the person to whom the capital gain arises, a sum equal to twenty-five per centum, and
(ii) where the change of ownership occurs over fifteen years after the acquisition of that property by the person to whom the capital gain arises, a sum equal to fifty per centum,

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]