Definition
Stamp Duty is charged under section 37 of the Finance Statute of the Central Province No.17 of 1990.
Stamp duty should be charged on
– Every instrument relating to a transfer of immovable property situated within the Central Province.
– Every document presented of filed, in the proceedings instituted in any court of law established by law, in the Central province of Sri Lanka.
Effective from
– 1st January, 1991
Gazette
– Gazette notification – 642/18, 28/12/1990
Valuation for Stamp Duty (Immovable Property)
(a) to any property (other than immovable property which is gifted) and to any date, means the price which in the opinion of the Assessor, that property would have fetched in the open market on that date;
(b) to any immovable property which is gifted, being immovable property which was acquired by the donor on or before March 31, 1977, means
(i) the price which in the opinion of the Assessor that property would have fetched if sold in the open market on March 31, 1977 increased by an amount equal to the cost of the improvements, alterations and additions, if any, made to such property after March 31, 1977 and prior to the date of the instrument by which such property is gifted; or
(ii) the price which, in the opinion of the Assessor, that property would have fetched if sold in the open market on the date of the instrument by which such property is gifted, Whichever price is the lower;
(c) any immovable property which is gifted, being immovable property which was acquired by the donor after March 31, 1977 means
(i) the price which, in the opinion of the Assessor, such property would have fetched if sold in the open market on the date on which such property was acquired by the donor, increased by an amount equal to the cost of the improvements, alterations and additions, if any, made to such property after the date on which the property was acquired by the donor, and prior to the date of the instrument by which such property is gifted; or
(ii) the price which, in the opinion of the Assessor, that property would have fetched, if sold in the open market on the date of the instrument by which such property was gifted. Whichever price is the lower;