25. The following new sections are hereby inserted immediately after section 90A, and shall have effect as sections 90B, 90C, 90D and 90E, of the principal Act.
| 90B.
| | (1) Where the certificate issued under section 90A in respect of a house to which that section applies specifies-
| | | (a) the first day of October, 1966 or a later date as the date on which the construction of that house is completed, and |
| (b) one thousand square feet or less as the extent of the floor area of that house, |
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| | (2)
| | | (a) In this section and in section 90c- |
| (b) In this section and in sections 90c, 90D and 90s, " owner ", when used in relation to any house or place of residence in respect of which there is more than one owner, includes a co-owner. |
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| 90C.
| | (1) Where-
| | | (a) any house, other than a house to which the provisions of section 90 or section 90A or section 90B apply, is on or after the first day of October, 1966, converted into two or more places of residence ; and |
| (b) each such place of residence is separately assessed for the purpose of rates, the income accruing from each such place of residence to the owner thereof shall-
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| | (2)
| | | (a) A certificate issued by the Commissioner upon application made by the owner of any house which is converted into more than one place of residence and specifying-
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| (b) The decision of the Commissioner on any application for a certificate under this subsection in respect of a house shall be final and conclusive. |
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| 90D.
| | (1) Notwithstanding anything to the contrary in any other written law, where a change of ownership occurs for the first time of any house and the land on which such house is situated, such house being a house which is used solely for residential purposes and the construction of which is certified by the Commissioner was completed on or after the first day of October, 1966, and where any capital gain arises to the person who was the owner of such house and land from such change of ownership, then-
| | | (a) if the floor area (inclusive of the thickness of the walls) of such house does not exceed one thousand square feet and if the extent of the land on which such house is situated does not exceed twenty perches, the entirety of the capital gain arising from such change of ownership shall be exempt from income tax under the Inland Revenue Act, No. 4 of 1963, |
| (b) if the floor area (inclusive of the thickness of the walls) of such house does not exceed one thousand square feet and if the extent of land on which such house is situated exceeds twenty perches, such portion of the amount of the capital gain arising from such change of ownership as bears to such amount the same proportion as twenty perches bears to the extent of that land shall be exempt from income tax under the Inland Revenue Act, No. 4 of 1963, |
| (c) if the floor area (inclusive of the thickness of the walls) of such house exceeds one thousand square feet but does not exceed two thousand square feet and if the extent of land on which such house is situated does not exceed twenty perches, one-half of the amount of the capital gain arising from such change of ownership shall be exempt from income tax under the Inland Revenue Act, No. 4 of 1963, and |
| (d) if the floor area (inclusive of the thickness of the walls) of such house exceeds one thousand square feet but does not exceed two thousand square feet and if the extent of land on which such house is situated exceeds twenty perches, one-half of such portion of the amount of the capital gain arising from such change of ownership as bears to such amount the same proportion as twenty perches bears to the extent of that land shall be exempt from income tax under the Inland Revenue Act, No. 4 of 1963. |
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| | (2) In this section "capital gain" has the same meaning as in the Inland Revenue Act, No. 4 of 1963. | | |
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| 90E. Notwithstanding anything to the contrary in the Inland Revenue Act, No. 4 of 1963, where the certificate issued under section 90A in respect of a house to which that section applies specifies-
| | (a) the first day of October, 1966, or a later date as the date on which the construction of that house is completed, and | | |
| | (b) five hundred square feet or less as the extent of the floor area of that house, | | |
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Sri Lanka Consolidated Acts