Personal Tax Act (No. 14 of 1959)

Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Personal Tax Act (No. 14 of 1959) - Sect 5

Wealth to include certain property,

(1) There shall be included in the wealth of a person- Provided that nothing in the preceding provisions of this subsection shall apply to a pension or provident fund approved by the Commissioner

	(a) any property in which he has only a life interest;

	(b) being the only beneficiary under a trust, the property subject to the trust;

	(c) being one of several beneficiaries under a trust the benefits from which to the beneficiaries can be ascertained from year to year, such part of the property subject to the trust as is proportionate to his share of the benefit from the trust;

	(d) being the trustee of a trust the benefits from which to all or any of the beneficiaries under the trust cannot be ascertained from year to year, the property subject to the trust;

	(e) being the trustee of a trust of a public character, the property subject to the trust other than property excluded from such wealth under paragraph (e) of section 6; and

	(f) being a partner in a firm, the value of his interest in the firm determined in the prescribed manner:

(2) Where the estate of a deceased person is administered by an executor, then, for the purposes of subsection (1), the executor shall be deemed to be the trustee of the estate and every heir to the whole or any part of the estate shall be deemed to be a beneficiary and the estate shall be deemed to be the property subject to the trust.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]