(1) Subject to this section, where a resident individual during the year of income maintains a dependent relative he or she is entitled to an allowance of $350, in respect of each such relative.
(2) The deduction allowable under this section—
(a) does not apply in relation to any child in respect of whom a deduction is allowed under sections 48, 49, or 50; and
(b) shall be reduced, where such dependent relative has assessable income in excess of $350, by $1 for each dollar of the excess.
(3) Where 2 or more individuals are entitled to relief under subsection (1) the deduction allowable may be apportioned between such individuals in such manner as appears to the Comptroller to be reasonable.
(4) In this section “dependent relative” means, in relation to an individual, a person who—
(a) whether incapacitated or not is the parent or other lineal ancestor or aunt or uncle of that individual or of his or her spouse and is unmarried, divorced, widowed or separated; or
(b) is incapacitated by old age or infirmity or is unemployable by reason of old age and is the child, brother or sister of that individual or of his or her spouse.