Free AAFM CTEP Practice Exam with Questions & Answers | Set: 10

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

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

Which of the following statements about Discretionary Trust is/are correct?

Under provisions of _________________ it is provided that the profits and gains of business of a private trust is chargeable to income tax at the maximum marginal rate with effect from Assessment Year 1985-1986.

A person can create _________________ living trust/trusts while he is alive and the assets can be transferred to it/them as desired by the person.

A written instrument is necessary when a Trust is created in relation to an immovable property of the value of ______________ and upwards.

If a trust is partner in a firm, the maximum rate of tax applicable is

Which of the following is/are advantage(s)of Living Trust?

Which of the following is/ are disadvantage(s) of a Will?

______________ of the Income Tax Act provides for the registration of a Charitable Trust. _____________ of the Income Tax Act contains the provision that the profits and gains of the business carried on by a charitable trust would be fully exempt from tax if it is attains the objects of the trust.