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

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Page: 6 / 15
Total 472 questions

Receipts from TV serial shooting in farm house is __________________

A.

Non agricultural income

B.

Agricultural income

C.

Salary Income

D.

Business Income

Which of the following statement(s) about Reverse Mortgage Scheme is/are correct?

A.

All of the above

B.

None of the above

C.

Both (i) and (iv)

D.

All except (i)

As per the Ancient Hindu Law, there are ____________ Vedas. Scholars have determined that ___________ is the oldest of the Vedas.

A.

Four, Atharva Veda

B.

Four, Rig Veda

C.

Three, Atharva Veda

D.

Three, Rig Veda

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

A.

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.

B.

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.

C.

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.

D.

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.

Compute Gross Total income and amount of loss allowed to be carried forward to next year:

A.

Rs. 34,000; Rs. 10,000

B.

Rs. 40,000; Rs. 10,000

C.

Rs. 40,000; Nil

D.

Rs. 40,000; Rs.10,000

Which of the following statement(s) about ‘Doctrine of Subrogation’ is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Neither (i) nor (ii)

D.

Both (i) and (ii)

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

Calculate the amount on which Wealth Tax is Payable.

A.

Rs. 2 lakh

B.

Rs. 9.50 lakh

C.

Rs. 17 lakh

D.

Rs. 9 lakh

______________ is the final stage in the process of 'Money Laundering' at the International Level.

A.

Integration

B.

Placement

C.

Layering

D.

Transposition

The employer had purchased a car for Rs. 3,00,000 which was being used for official purposes. After 2 year 6 months of its use, the car is sold to R, the employee, for Rs. 1,20,000. The value of this perquisite shall be __________.

A.

Rs. 72,000

B.

Rs. 60,000

C.

Nil

D.

Rs. 1,23,000

Which of the following is another name for “True Lease”?

A.

Pre-Paid Purchase Lease

B.

Skip Lease

C.

Operating Lease

D.

Sub-Lease