24.
| (1) The following new section is hereby inserted immediately after section 90, and shall have effect as section 90A, of the principal Act:-
| | 90A.
| | | (1) This section shall apply to any house-
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| (2) Subject to the provisions of subsection (3), the income accruing from any house to which this section applies to the owner of such house shall, in respect of the year of assessment which commences on the first day of April immediately following the date of completion of the construction of that house and the six subsequent years of assessment, be exempt from income tax. |
| (3) Where under section 90 the income accruing to any person from any new house had not been exempt from income tax for seven successive years of assessment, then, if such house is a house to which this section applies, the income accruing from such house to its owner shall, notwithstanding anything to the contrary in subsection (2), be exempt from income tax for such number of years of assessment as is equal to the difference between seven years of assessment and the number of years of assessment for which the income accruing to such owner had been exempt from income tax under section 90. |
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| (2) The new section 90A inserted in the principal Act by subsection (1) of this section shall be deemed to have come into force on April 1, 1956, and accordingly, notwithstanding anything to the contrary in any written law relating to the imposition of income tax, an assessment of assessable income made prior to the date of commencement of Act No. 36 of 1966 in respect of any person for any year of assessment shall, if such assessment included any income from a house to which that section applies, be revised in accordance with the provisions of that section and any sum paid by such person as income tax on such income shall, after such revision, be refunded to him. |
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Sri Lanka Consolidated Acts