AAFM CTEP Exam Questions Free Practice Test

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Viewing questions 71-80 out of questions

Questions # 71:

Which of the following statement(s) about Estate Planning is/are correct?

Question # 71

Options:

(i),(ii),(iii) and (iv)

Only (iii)

(iii) and (iv)

Only (ii)

Expert Solution

Questions # 72:

Wills executed according to __________ of the _____________ are called Unprivileged Wills.

Options:

Section 8, Hindu Succession Act 1956

Section 63, Indian Succession Act 1925

Section 8, Indian Succession Act 1925

Section 63, Hindu Succession Act 1956

Expert Solution

Questions # 73:

Mr. Subhash Bansal, a marketing manager is employed with IMFB limited. He took an advance of Rs. 1,20,000 against the salary of Rs. 30,000 per month in the month of March 2007. The gross salary of Mr. Adhikari for the assessment year 2012-13 shall be:

Options:

Rs. 3,60,000

Rs. 4,80,000

Rs. 2,40,000

Rs. 3,80,000

Expert Solution

Questions # 74:

In context to Hindu Marriage Act, 1955 what is “Sapinda Relationship”?

Options:

It is with reference to any person extends as far as the third generation (inclusive) in the line of ascent through the mother and, the fifth (inclusive) in the line of ascent through the father.

It is with reference to any person extends as far as the third generation (inclusive) in the line of ascent through the father and, the fifth (inclusive) in the line of ascent through the mother.

It is with reference to any person extends as far as the second generation (inclusive) in the line of ascent through the mother and, the third (inclusive) in the line of ascent through the father.

It is with reference to any person extends as far as the second generation (inclusive) in the line of ascent through the father and, the third (inclusive) in the line of ascent through the mother.

Expert Solution

Questions # 75:

What does CIP stands for?

Options:

Customer Identification Process

Customer Identity Process

Customer Identification Procedure

Customer Identity Procedure

Expert Solution

Questions # 76:

Which of the following statement(s) about Hindu Adoption and Maintenance Act, 1956 is/are correct?

Question # 76

Options:

Only (i)

Only (ii)

Both (i) and (ii)

Neither (i) nor (ii)

Expert Solution

Questions # 77:

In context of Hindu Adoptions and Maintenance Act,1956 if a person has more than one wife living at the time of adoption

Options:

The person cannot make the adoption

The consent of only the first wife is necessary

The consent of only the last wife is necessary

The consent of all the wives is necessary unless the consent of any of them is unnecessary

Expert Solution

Questions # 78:

In case of self occupied property, higher deduction u/s24(b) for interest on loan for construction can be claimed if borrowing was made

Options:

After 1/4/99

on or after 1/4/99

Before 1/4/99

On or after 1/9/2004

Expert Solution

Questions # 79:

X furnishes the following particulars for the compilation of his wealth-tax return for assessment year 2012-13.

Question # 79

Calculate the amount on which Wealth Tax is Payable.

Options:

Rs. 2 lakh

Rs. 9.50 lakh

Rs. 17 lakh

Rs. 9 lakh

Expert Solution

Questions # 80:

A salaried individual, aged 45 years, was awarded a car of market value Rs. 6,50,000 by his credit card company in a draw on 20th December 2012. There was no TDS by the company. He has total income from salary of Rs. 8,45,000 in the previous year 2012-13. He saved a total of Rs. 1,80,000 under different investment instruments eligible for exemption u/s 80C and Rs. 25,000 was paid by him on 5th January, 2013 towards his health insurance policy. Find his tax liability for AY2013-14.

Options:

Rs. 2,77,070/-

Rs. 2,79,130/-

Rs. 2,60,590/-

Rs. 78,280/-

Expert Solution

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