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Free AAFM CTEP Practice Exam with Questions & Answers | Set: 9

Questions 81

A trust is a relationship between____________ parties.

Options:
A.

Two

B.

Three

C.

Four

D.

Any Number

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Questions 82

In order to form a Society, at least ___________ persons are required.

Options:
A.

10

B.

2

C.

7

D.

100

Questions 83

Is there any default for not/late filling of wealth tax returns?

Options:
A.

Nil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.

B.

Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

C.

Yes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.

D.

Nil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.

Questions 84

Under _______________ of the Transfer of Property Act, a transfer of property can legally be made for the benefit of an unborn person.

Options:
A.

Section 5

B.

Section 8

C.

Section 13

D.

None of the above

Questions 85

Which of the following statement(s) about Uniform Gifts to Minor Act (UGMA) is/are correct?

CTEP Question 85

Options:
A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

Questions 86

One of the essential condition for obtaining exemption of the income of a charitable trust is that at least_____________ of the income should be applied for charitable purposes in India with certain exceptions and exemptions.

Options:
A.

65%

B.

75%

C.

85%

D.

Either 75% or 85% depending on the date which it is created

Questions 87

A Written Trust deed is always desirable, if not required statutorily, due to which of the following benefits?

CTEP Question 87

Options:
A.

All of the above

B.

All except (ii)

C.

All except (ii)

D.

Both (ii) and (iii)

Questions 88

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

CTEP Question 88

Options:
A.

Only (i)

B.

Only (ii)

C.

Neither (i) or (ii)

D.

Both (i) and (ii)

Questions 89

A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.

Options:
A.

India, 100 years

B.

Gujarat, 80 years

C.

USA, 100 years

D.

Australia, 80 years

Questions 90

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

CTEP Question 90

Options:
A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

Exam Code: CTEP
Certification Provider: AAFM
Exam Name: Chartered Trust & Estate Planner® (CTEP®) Certification Examination
Last Update: Dec 5, 2025
Questions: 472

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