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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

38. Consideration received

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Subject to this Act, consideration received for an asset of a person at a particular time shall be –

(a)

amounts received or receivable by the person for the asset, including the fair market value of any consideration in kind determined at the time of realisation;

(b)

amounts derived by the person in respect of owning the asset including –

(i)

amounts derived from altering or decreasing the value of the asset; and

(ii)

amounts derived from the asset including by way of covenant to repair or otherwise; and

(c)

amounts derived by the person or an entitlement for the person to derive an amount in the future in respect of realising the asset.

(2)

The consideration received for the realisation of an asset shall include the consideration for the grant of an option in relation to the asset, only if the person has not been subject to tax in respect of any income or gain made on the grant of the option.

(3)

The consideration received for an asset shall not include an exempt amount, a final withholding payment or, other than in the case of trading stock, an amount to be directly included in calculating the person’s income under

Division II of Chapter II.

Read on from s 39

Part II

Read on from Part II

Schedules