23.
| (1) The value of any property (other than cash) which constitutes a gift shall, subject as hereafter in this section provided, be estimated to be the market value of the gift on the date on which the gift was made. |
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| (2) Any gift which is subject to any reservation in favour of the donor or any other person shall be valued as if that gift had passed to the donee without that reservation. |
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| (3) The provisions of paragraph (d) of subsection (2) of section 9 shall apply as if they were provisions of this section and referred to " a gift", " the date on which the gift is made", " purposes of this section", and " the manner provided by subsection (1) " instead of to " the movable property", " the valuation date ", " purposes of this paragraph", and " the manner provided by the preceding provisions of this subsection ". |
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| (4) Where the value of any property (other than property to which subsection (3) applies) cannot be estimated under subsection (1) because it is not sale able in the open market, its value shall be determined in the prescribed manner. |
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Sri Lanka Consolidated Acts