Which of the following statement(s) about Private Trust is/are correct?
To be qualified as a Simple Trust which of the following conditions has to be met?
Which of the following statement(s) about Inheritance Tax is/are correct?
Socities Registration Act has ______________ Sections. ________________ deals with the Registration and Fee of Society.
For Registration of Charitable Trust an application should be submitted with Covering Letter, Court Stamp of ___________ and Certified True Copy of Trust Deed. The application should be made within _________ of creation of Trust. The application should be in Form as specified in _____________ under ____________ and duly notarized.
You are an Estate Planner. Mr. Sumit is your client. He wants to set up Trust fund for his child. As an Estate Planner, which of the following instructions will you give to Mr. Sumit?
Under _______________ of the Transfer of Property Act, a transfer of property can legally be made for the benefit of an unborn person.
Under ______________, deduction (special exemptions) in respect of donations to certain funds, charitable institutions etc. is granted. In order to be eligible under this section, the charitable trust/institutions need to obtain a valid certificate by making an application to them on ____________.
Which of the following statement(s) about “Oddball” trusts is/are correct?
Which of the following statements about Discretionary Trust is/are correct?
Which of the following is/are ancillary benefit(s) of Discretionary Family Trust?
A written instrument is necessary when a Trust is created in relation to an immovable property of the value of ______________ and upwards.
As per ______________ of the Indian Trust Act, the subject matter of a trust must be properly transferable to the beneficiary.
Which of the following Trust is employed by the law as an “Equitable Remedy”?
Which of the following statement(s) about Private Trust is/are correct?
Which of the following is/are disadvantage(s) of Trust?
The application for Registration of Trust has to be made in the prescribed Form No. _______________ to the Chief Commissioner of Income Tax or the Commissioner of Income Tax of the area concerned.
Private Sector hospitals, which are formed under a trust as a society, would be exempt from the tax if the annual receipts of such hospital or institution do not exceed _______________ as per Section 10(23(C).
Manish has two house properties. Both are self occupied. The annual value of:
Which of the following statement(s) about Reverse Mortgage Scheme is/are correct?
Deduction u/s 80-IC regarding special provisions for enterprices in special catogries states is allowed to the extent of:
What would be the tax liability if tea and snacks are provided in the office after office hours?
In context to Hindu Marriage Act, 1955 what is “Sapinda Relationship”?
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:
In ____________ the parties have the right to withdraw from the contract as long as the parties do not leave the place of contract. In___________ the buyer could cancel the sale if the seller has sold the goods at price higher than the market price.
As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.
Any income chargeable under the head “Salaries” is exempt from tax under Section 10(6)(viii), if it is received by any non resident individual as remuneration for services rendered in connection with his employment in a foreign ship where his total stay in India does not exceed a period days in that previous year.
Pushkar completed the construction of a house property on 14.8.2008 with borrowed capital of Rs.8,00,000 @ 12%. The loan was taken on 1.4.2006 and is still outstanding. The house was used for his own residence during the entire FY 2012-13. Deduction U/S 24(B) for interest on borrowed capital for PY shall be
Mr. Sumit has worked in a PSU for 14 years 7 months. His Terminal Wages are Rs. 45,000. He wants to know the Gratuity amount payable to him (assuming that he leaves the service today). It is_____________
Which of the following is allowed as deduction from net annual value of a property?
Which of the following statement(s) about Benami Transaction is/are correct?
Exhibit:
In_________ type of arrangement, the mortgagor binds himself to repay the mortgage money on a certain date.
Which of the following statement(s) is/are incorrect?
Mr Ram aged 53 years has put in 21 years of service in a PSU opts for a voluntary retirement under the company scheme. He has 5 years and 3 months of service left and his last drawn salary is Rs 18,000. He received Rs 10,00,000 as compensation. What would be the taxable part of this receipt?
R acquired a property by way of gift from his father in the previous year 1991-92 when its FMV was Rs. 3 lakh. The father had acquired the property in the previous year 1983-84 for Rs. 2 lakh. This property was introduced as capital contribution to a partnership firm in which R became a partner on 10/06/2011. The market value of the asset as on 10/06/2011 was 10 lakh, but it was recorded in the books of account of the firm at Rs. 8 lakh. Compute the capital gain chargeable in the hands of R.
As per Muslim Law, if the husband is missing for _________ the wife may file a petition for the dissolution of her marriage. __________ of Dissolution of Muslim Marriages Act provides that that where a wife files petition for divorce under this ground, she is required to give the names and addresses of all persons who would have been the legal heirs of the husband on his death.
_________ is the most appropriate method for donors who prefer to make gifts at the end of their life and _________ is the most appropriate method for donors who prefer to give gifts during their lifetime.
There are _________________ Non-Formal Sources of Law.
Charity tends to be ________ and _________ response.
Full form of IRA is_____________
Estate Planning is ________ process.
Which of the following statement(s) about Estate Planning is/are true?
Which of the following statement(s) about ESOP is/are incorrect?
Which of the following statement is true?
Exhibit:
Estate Planning Process is eight-step procedure that a manager has to follow. The Eight Steps are as given below (not in any order)
The correct order is
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.
You are an Estate Planner. A client gives you the following information (given below in Table).
You are required to make Quick Estimate of Estate’s liquidity. All figures are in Rupees. The estimate in this case is ______________
Wills executed according to __________ of the _____________ are called Unprivileged Wills.
There are ____________ sources of Law.
There are generally________ types of Private Foundations. Out of these, in ____________ arrangement, the donor has no direct participation in any charitable work.
Which of the following statement(s) about codicil is/are correct?
You are an Estate Planner. A client asks you to explain him the process of Probate. You explain him that Probate is one of the ways to pass ownership of estate property to a decedent’s survivors. The client further asks you to outline the various steps of Probate. As an estate planner, you would outline the steps of probate as follows (please specify the correct order)
Which of the following is/are benefit(s) of Business Succession Planning?
______________ of the Intestate Succession Act (Singapore) determines how the deceased’s estate is distributed.
In UK, for year 2013-2014, Blind Person’s allowance is ___________ and minimum amount of married couple’s allowance is __________.
____________ lease is typical for business institutions and organizations whose operations rely on a seasonal schedule. ______________ is an option often taken by new businesses which have no credit history.
Which of the following statement(s) about HUF is/are incorrect?
Which of the following statements about NRIC No. is correct?
Given below are certain acts. Fill in the blanks with their respective year of enactment.
Power of Attorney Act ______________
Indian Evidence Act ______________
Muslim Women (Protection of Rights on Divorce) Act ______________
Indian Divorce Act ______________
The Inland Revenue Authority of Singapore (IRAS) was established on ___________, by legislation as a statutory board under the Ministry of Finance.
Which of the following statement(s) about POA is/are correct?
There are ________________ essential elements of a Lease.
Where a registered grant-making philanthropic organization contravenes any regulation made under subsection (18A), being a regulation prescribed as one to which this subsection applies ,the organization shall be liable to pay to the Comptroller a financial penalty of the higher of _______ and the amount ascertained by the formula: ______ X the total amount of donation to which the contravention relates.
What is the full form of EITC?
Which of the following statements about Earned Income Tax Credit (ETIC) is are correct?
Which of the following statement(s) about Credit Shelter Trust is/are correct?
As per __________ of Income Tax Act, 1961 discretionary trust created through the Will is liable to Normal rates of Income Tax are as applicable to an Association Of Persons (AOP) or individual.
In case of a HUF whose manager has not been resident in India in nine out of ten previous years preceding the previous year or has, during the ________previous years preceding that year, been in India for a total __________or less, such HUF is to be regarded as Not Ordinarily Resident within the meaning of the Income-tax Act, 1961.
Which of the following is/are difference between Dayabhaga HUF and Mitakshara HUF?
