Inland Revenue Act (No. 4 of 1963)

Sri Lanka Consolidated Acts

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Inland Revenue Act (No. 4 of 1963) - Sect 32

Certain property to be excluded from wealth

31.

(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 motor car kept for his private use, household effects or other article (not including jewellery) of personal use of which he is the owner;

	(e) being a charitable institution within the meaning of this Act, any such property thereof as is property the income from which, or the annual value of which, is exempted from income tax under this Act;

	(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, copyright, trade mark, or registered design 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 or, if he is the head of a family, any jewellery belonging to him and the members of his family, 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 of which he is the owner but the life interest in which subsists in any other person.

(2) Where a person has any investment which is an approved investment within the meaning of section 69 of this Act or 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 corporation or undertaking specified in section 6 of this Act, the amount of that share shall be excluded from his wealth so long as the profits and income of that corporation or undertaking are wholly or partly exempt from income tax.

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