3. Section 17A of the principal enactment (inserted therein by Act No. 15 of 1959) as amended by Law No. 82 of 1974, is hereby further amended, as follows : -
| (1) by the substitution, in subsection (2) of that section, for the words and figures
" whose death occurs on or after the first day of November, 1973, ", of the following:-
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| (2) by the addition, at the end of that section, of the following new subsection: -
| | " (3) Where any person whose death occurs on or after the sixteenth day of November, 1977, has gifted any property taxable as a gift under the Personal Tax Act, No. 14 of 1959, or under the Inland Revenue Act, No. 4 of 1963, there shall be set off against the amount of the estate duty payable on his Sri Lanka estate upon his death the amount computed at such rates specified in Part VII of the Schedule to this Ordinance in respect of that part of his estate as is equivalent to the aggregate value of such gifted property as though such aggregate value were the value of his Sri Lanka estate. ". | | |
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Sri Lanka Consolidated Acts