14. Section 31 of the principal enactment is hereby amended as follows :
| (1) in subsection (1) of that section by the substitution for the words and figures, " Subject to the provisions of subsection (5) and subsection (5A),", of the words and figures " Subject to the provisions of subsection (5), subsection (5A) , subsection (5B) , and subsection (5c),"; |
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| (2) in subsection (2) of that section
| | (a) in paragraph (e) of that subsection
| | | (i) by the substitution in sub-paragraph (i) of that paragraph for all the words and figures from " in the repayment of capital" to '' of a house purchased on or after that date," of the following words and figures : |
| (ii) by the substitution in sub-paragraph (ii) of that paragraph for the words and figures " on or after April 1, 1973,", of the words and figures " on or after April 1,1973, but on or before March 31, 1989,"; |
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| | (b) by the insertion, immediately after paragraph (e) of that subsection of the following new paragraph:
| | | " (ee) any amount paid by an individual to the Government of Sri Lanka or to any banking institution within the meaning of the Monetary Law Act or to any local authority or to any other institution approved by the Minister in charge of the subject of Housing having regard to the housing policy of the Government
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| | (c) in paragraph (f) of that subsection by the substitution for the words " on the construction of a house,", of the words and figures " on the construction of a house on or before March 31,1989,"; | | |
| | (d) by the insertion, immediately after paragraph (f) thereof, of the following new paragraph : "
| | | (ff) any amount spent by an individual on the construction, at a cost not exceeding one million rupees, on or after April 1. 1989 of the first after April 1, 1978, such amount not being an amount obtained on any loan from the Government of Sri Lanka or any institution or authority referred to in paragraph (e) ;"; |
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| | (e) in paragraph (g) of that subsection by the substitution for all the words and figures from " any amount spent" to " on or after that date,'', of the words and figures "any amount spent by an individual for the purchase on or after April 1, 1978, but on or before March 31, 1989, of either the first house or of the first site for the construction of a house purchased by him on or after April 1. 1978," ; | | |
| | (f) by the insertion immediately after paragraph (g) of that subsection of the following new paragraph:
| | | " (gg) any amount spent by an individual for the purchase at a cost not exceeding one million rupees on or after April 1, 1989, of either the first house or of the first site for the construction of a house, being the first house or the first site purchased by him on or after April 1, 1978, such amount not being an amount obtained on a loan from the Government of Sri Lanka or any institution or authority referred to in paragraph (e) ;" ; |
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| | (g) in paragraph (1) of that subsection
| | | (i) by the substitution, for the words " spent by a person in constructing any house or flat or the cost of purchase of any unit", of the words and figures " spent by a person in constructing, on or before March 31, 1989, any house or flat or, the cost of purchase, on or before March 31, 1989, of any unit" ; and |
| (ii) by the substitution, in sub-paragraph (iii) of that paragraph, for the words and figures " sub-paragraph (i) of paragraph (b) of subsection (1) of section 23 or paragraph (f) of subsection (1) of section 23", of the words and figures " sub -paragraph (i) of paragraph (b) of subsection (1) of section 23 or sub-paragraph (iii) of paragraph (eee) of subsection (1) of section 23 or paragraph (f) of subsection (1) of section 23"; |
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| | (h) by the insertion immediately after paragraph (l) of that subsection, of the following paragraph: "
| | | (II) any amount spent by a person in constructing any house or fiat at a cost not exceeding one million rupees, on or after April 1, 1989, or in the purchase at a cost not exceeding one million rupees on or after April 1, 1989, of any unit of residential accommodation constructed with the approval of the Urban Development Authority (established by the Urban Development Authority Law, No. 41 of 1972) and comprised in a registered condominium property within the meaning of the Apartment Ownership Law, No. 11 of 1973, if |
| (i) such house, flat or unit is for occupation as a dwelling house by any member of the staff employed by such person, |
| (ii) the floor area of such house, flat or unit does not exceed two thousand square feet, and |
| (iii) no allowance is deductible under sub-paragraph (i) of paragraph (b) of subsection (1) of section 23, or sub-paragraph (iii) of paragraph (eee) of subsection (1) of section 23, or paragraph (f) of subsection (1) of section 23 in respect of such house, flat or unit."; |
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| | (i) by the substitution, in the paragraph immediately succeeding paragraph (o) of that subsection, for the words " In paragraphs (e) and (g) of this subsection ", of the words " In paragraphs (e), (ee), (g) and (gg) of this subsection " ; | | |
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| (3) in subsection (3) of that section, by the substitution, for the words " in paragraph (f) or paragraph (g), such", of the words "in paragraph (f) or paragraph (ff) or paragraph (g) or paragraph (gg), such " ; |
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| (4) in subsection (5B) of that section, by the substitution for the words and figures " for any year of assessment commencing on or after April 1,1986". of the words and figures '' for the year of assessment commencing on April 1, 1986, and the year of assessment immediately succeeding that year of assessment " ; |
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| (5) by the insertion, immediately after subsection (5B), of that section, of the following subsection:
| | " (5c) The deduction from the assessable income of any person other than a company for any year of assessment commencing on or after April 1, 1988
| | | (i) in respect of all qualifying payments other than those referred to in paragraphs (b), (c), (m) and (n) of subsection (2), made by him, or deemed to have been made by him, in that year of assessment, shall not exceed one-third of such assessable income or fifty thousand rupees, whichever is less ; |
| (ii) in respect of all qualifying payments, referred to in paragraphs (c), (m) and (n) of subsection (2), made by him or deemed to have been made by him, shall not exceed fifty thousand rupees; and |
| (iii) in respect of the aggregate of all qualifying payments referred to in paragraphs (i) and (ii) of this subsection, shall not exceed fifty thousand rupees." ; and |
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| (6) in subsection (7) of that section, by the addition at the end of the proviso to that subsection, of the following proviso: |
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Sri Lanka Consolidated Acts