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AAFM CTEP - Chartered Trust & Estate Planner® (CTEP®) Certification Examination

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Page: 13 / 15
Total 472 questions

Which of the following statement(s) about Inheritance Tax is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Neither (i) or (ii)

D.

Both (i) and (ii)

As per Section 3 of the Indian Trusts Act, a person who declares the confidence is called ____________ of the Trust.

A.

Trustor

B.

Trustee

C.

Author

D.

None of the above

Which of the following statement(s) about Living Trust is/are correct?

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

Which of the following statements about the age of majority is/are correct?

A.

Only (i)

B.

Neither (i) or (ii)

C.

Both (i) and (ii)

D.

Only (ii)

Which of the following statement(s) about “Oddball” trusts is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) or (ii)

A person purchased certain property in the name of his minor son and subsequently resold it while the son was minor. This sale is ___________________

A.

Not void, if the consent of the minor was taken.

B.

Is valid if the court permission was taken under Section 8 of the Hindu Minority and Guardianship Act,1956

C.

Is valid if the court permission was taken under Section 18 of the Hindu Minority and Guardianship Act,1956

D.

Not void, as the Person who is selling is the caretaker of the property.

You are an Estate Planner. Mr. Arun Mittal is your client. He is inquisitive to know about Trusts. You explain him that on the basis of intention, Trust is of ____________ types and on the basis of Purpose, Trust is of __________ types. He further asks you that which of these are the requisites for the creation of a Trust out of these

What will be your reply to all of the above questions?

A.

Five, Two, None of the above

B.

Five, Two, All of the above

C.

Four, Four, Only (ii)

D.

Five, Four, Both (ii) and (iii)

Which of the following incomes are not included for computation of taxable income of a Trust/ Society?

A.

All except (i)

B.

All except (iv)

C.

All except (ii)

D.

All of the above

In __________, a protective trust is a type of trust that was devised for use in estate planning.

A.

UK

B.

USA

C.

India

D.

None of the above

Which of the following is/are essential(s) of a valid Charitable or Religious Trust?

A.

All of the above

B.

Only (ii) and (iii)

C.

All except (iv)

D.

Only (i) and (iv)