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srilawsby aturio
As enacted
Contents

Part I

36. Calculating gains and losses

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

A person’s gain from the realisation of an asset or liability shall be the amount by which the sum of the consideration received for the asset or liability exceeds the cost of the asset or liability at the time of realisation.

(2)

The loss of a person from the realisation of an asset or liability shall be the amount by which the cost of the asset or liability exceeds the sum of the consideration received for the asset or liability at the time of realisation.

(3)

A gain made by a person on the realisation of an investment asset shall be reduced by any part of the gain that is included in calculating the person’s income from an employment or business.

(4)

Where an asset or liability owned by a person is used in the production of two or more sources of income, the cost of and consideration received for the asset shall be apportioned between each source according to the market value of the parts used to produce each source.

Read on from s 37

Part II

Read on from Part II

Schedules