8. The following new section is hereby inserted immediately after section 32, and shall have effect as section 32A of the principal enactment:-
| 32A.
| | (1) Where in the case of an instrument of such transfer or assignment as is referred to in paragraph (3) of item 23 in Part I of Schedule A it appears to the Commissioner of Stamps that, by reason of the fact that no consideration is set forth in such instrument or the consideration so set forth is not capable of being valued in money or by reason of other circumstances, the transfer or assignment is in reality for the purpose of bestowing a gift, he may call upon the parties to such instrument to furnish proof to his satisfaction that the transaction embodied in such instrument is a bona fide transfer or assignment and not a gift. If no such proof is furnished or the proof furnished is in his opinion inadequate, the Commissioner of Stamps shall deem such transaction to be a gift, and such instrument shall be chargeable with duty accordingly. | | |
| | (2) Where any pecuniary consideration or any consideration capable of being valued in money is set forth in an instrument of such transfer or assignment as is referred to in paragraph (3) of item 23 in Part I of Schedule A and it appears to the Commissioner of Stamps that, by reason of the inadequacy of such consideration or other circumstances, the transaction embodied in such instrument is not wholly a transfer or an assignment, the Commissioner of Stamps may call upon the parties to such instrument to furnish proof to his satisfaction that such transaction is wholly a bona fide transfer or assignment and not partly a transfer ' or an assignment and partly a gift. If no such proof is furnished or the proof furnished is in his opinion inadequate, the Commissioner of Stamps shall deem such transaction to be partly a transfer or an assignment and partly a gift, and such instrument shall be chargeable with duty accordingly.". | | |
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Sri Lanka Consolidated Acts