Personal Tax Act (No. 14 of 1959)

Sri Lanka Consolidated Acts

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Personal Tax Act (No. 14 of 1959) - Sect 6

Certain property to be excluded from wealth

(1) There shall be excluded from the wealth of a person for any year of assessment-

	(a) his immovable property which is outside Ceylon;

	(b) being a person not resident in Ceylon, or a person ceasing to be resident in Ceylon, in the year preceding that year of assessment, his movable property which is outside Ceylon;

	(c) being a member of a Hindu undivided family, his interest in the coparcenary property of such family;

	(d) any property of his the expenditure for the acquisition of which is assessable expenditure under Chapter III of this Act or would be such assessable expenditure if it were incurred after the coming into operation of this Act;

	(e) being a charitable institution within the meaning of the Income Tax Ordinance, any such income thereof income from which or the annual value of which, is exempted from income tax under that Ordinance;

	(f) any such interest in any property as is available to him for a period not exceeding six years;

	(g) his investments in securities of the Government of Ceylon;

	(h) the rights under any patent or copyright belonging to him, unless those rights are held by him as assets of a business, profession or vocation;

	(i) his right or interest in any life insurance policy before the moneys covered by that policy become due and payable to him;

	(j) his right to receive a pension or other life annuity;

	(k) any tools and instruments necessary for him to carry on his profession or vocation, subject to a maximum of twenty thousand rupees in value;

	(l) any instruments and other apparatus used by him for purposes of scientific research;

	(m) any works of art, archaeological, scientific or art collections, books or manuscripts belonging to him and not intended for sale;

	(n) any drawings, paintings, photographs, and prints belonging to him and not intended for sale;

	(o) any heirlooms belonging to him and not intended for sale, but not including jewellery;

	(p) any jewellery belonging to him, subject to a maximum of twenty-five thousand rupees in value;

	(q) being an employee, the amount to his credit in any provident fund; and

	(r) any property donated to him subject to a life interest in the donor, so long as the life interest subsists.

(2) Where a person has any investment which is an approved investment within the meaning of section 47a of the Income Tax Ordinance, that investment shall be excluded from his wealth for the five years of assessment next succeeding the date on which that investment was made.

(3) Where a person has any share in the capital of any company or undertaking specified in section 8 or section 9 of the Income Tax Ordinance, the amount of that share shall be excluded from his wealth so long as the profits and income of that company or undertaking are wholly or partly exempt from income tax.

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