(1) In this section -

‘records’ includes books, accounts, documents, and any other data maintained manually or by any electronic, photographic or other process, relating to -

(a) property, of any description, which under or in consequence of any disposition, a person becomes beneficially entitled in possession to, otherwise than for full consideration in money or money's worth paid by that person,

(b) liabilities, costs and expenses properly payable out of that property,

(c) consideration given in good faith, in money or money's worth, paid by a person for that property,

(d) a relief or an exemption claimed under any provision of this Act, and

(e) the valuation, on the valuation date or other date, as the case may be, of property the subject of the disposition.

(2) Every person who is an accountable person shall retain, or cause to be retained on his or her behalf, records of the type referred to in subsection (1) as are required to enable -

(i) a true return, additional return or statement to be made for the purposes of this Act, or

(ii) a claim to a relief or an exemption under any provision of this Act to be substantiated.