22.
| (1) The gifts of an individual other than gifts specified in section 21 shall be his taxable gifts, and he shall, subject to the provisions of subsection (4) of section 19, be liable to make the contribution in respect of such taxable gifts to the Personal Tax. |
|
| (2) For the year of assessment commencing on April 1, 1959, the contribution of an assessee in respect of taxable gifts to the Personal Tax shall be computed by reference to the taxable gifts made by him in the period commencing on July 18, 1958, and ending on March 31, 1959. |
|
| (3) For every year of assessment (hereafter in this subsection referred to as the "relevant year of assessment") commencing on or after April 1, 1960, the value of the taxable gifts made by an assessee in the year preceding the relevant year of assessment shall be added to the value of the taxable gifts made by him on or after July 18, 1958, and before such preceding year. Then, assuming that the sum resulting from such addition is the value of the taxable gifts in respect of which his contribution to the Personal Tax is to be made, the amount of such contribution shall be computed. From the amount so computed there shall be deducted all the contributions previously made by him in respect of taxable gifts to the Personal Tax. The amount left after such deduction shall be the amount of his contribution in respect of his taxable gifts to the Personal Tax for the relevant year of assessment. |
|
|
Sri Lanka Consolidated Acts