Sri Lanka Consolidated Acts

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Personal Tax Act (No. 14 of 1959) - Sect 22

Exemption in respect of certain gifts

21.
(1) This Act shall not apply to gifts made by any individual-
(a) of immovable property situated outside Ceylon;
(b) of movable property situated outside Ceylon unless he is a citizen of Ceylon and is resident in Ceylon during the year in which the gifts are made, such year being the year preceding a year of assessment;
(c) to any child or dependent relative of such person in consideration of the marriage of such child or relative, subject to a maximum of ten thousand rupees in value in respect of the marriage of each such child or relative;
(d) to a charity which is an approved charity within the meaning of section 46 (1) (b) of the Income Tax Ordinance, each such gift being over one thousand rupees in value, subject to a maximum of three hundred thousand rupees in value for the lifetime of such person;
(e) to the Government or to any local authority;
(f) at any time before July 18, 1958;
(g) in the year preceding a year of assessment commencing on or after April 1, 1959, subject to a maximum of two thousand rupees in value in the aggregate;
(h) by a will; or
(i) in contemplation of death.
(2) For the purposes of subsection (1), a property shall be deemed to be gifted by any individual in contemplation of his death if he, being ill and expecting to die of his illness, gives to any person possession of that property which is to be a gift to that person in case the donor dies of his illness, the gift being revocable by the donor and being inoperative in the event of the donor's recovery from his illness or his surviving that person.

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