3. Section 4 of the principal Act is hereby amended as follows: -
| (1) by the insertion, immediately after sub-section (2), of the following sub-section: -
| | " (2A) Where in the year preceding an year of assessment commencing on or after April 1, 1969, any person sells any property consisting of a land on which there is house which was used by him for residual purposes at any time prior to the day of the sale and where, after the date of the sale and before the termination of a period of nine months after the expiry of the year preceding that year of assessment, such person utilizes at least fifty per centum ( the proceeds of the sale of that property to acquire or construct a house to be use by him for residential purposes, the upon written request made by such person before the first day of October of that yea of assessment or at any time before a assessment in respect of him is made for that year of assessment, the capital gain arising from the change of ownership c that property shall be deemed not to be that person's capital gain for that year of assessment but to be capital gain occurring upon a change of ownership of the house so acquired or constructed by him and such capital gain shall be in addition to and not in lieu of any other capital gain which may arise upon the change of ownership of such house."; and | | |
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| (2) by the insertion immediately after sub-section (10), of the following sub-section: -
| | " (10A) The provisions of sub-section (2A) shall not apply-
| | | (a) to any capital gain in respect of which the provisions of section 90D of the National Housing Act apply; and |
| (b) to the capital gain of any person arising from the sale of any property described in sub- section (2A) if he has prior to the sale of such property but not prior to April 1, 1968, sold any property of that description.". |
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Sri Lanka Consolidated Acts