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Questions 131

In UK, gifts in consideration of marriage (CP) are exempt transfers up to a maximum of __________if given by each parent.

Options:

A.

£5,000

B.

£2,500

C.

£1,000

D.

£250

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Questions 132

Which of the following is/are desirable contents of a will?

CTEP Question 132

Options:

A.

I, II and III

B.

II, III and IV

C.

I, III and IV

D.

All of these

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Questions 133

"From the following information of assets assets and liabilities, the taxable wealth for:

CTEP Question 133

Options:

A.

Rs. 1,10,00,000 & Rs. 40,00,000 respectively

B.

Rs. 1,00,00,000 & Rs. 40,00,000 respectively

C.

Rs. 1,10,00,000 & Rs. 50,00,000 respectively

D.

Rs. 70,00,000 & Rs. 40,00,000 respectively

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Questions 134

The threshold amount for tax on Net Investment Income is __________in the case of a joint return or surviving spouse, _________in the case of a married individual filing a separate return.

Options:

A.

$250,000; $125,000

B.

$125,000; $250,000

C.

$350,000; $175,000

D.

$175,000; $350,000

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Questions 135

__________________ is spoken rather than dictated or written.

Options:

A.

Nuncupative Will

B.

Notarial Will

C.

Mirror Will

D.

Simple Will

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Questions 136

In some states like __________ and ____________, the Indian Succession Act was amended to provide that all daughters who were unmarried as on the date of the amendment would be regarded as coparceners in much the same manner as the sons in the family.

Options:

A.

West Bengal; Assam

B.

Gujarat; Maharashtra

C.

Maharashtra; Tamil Nadu

D.

None of the above

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Questions 137

As per ______________ of Income Tax Act every member of the HUF before partition shall be jointly and severally liable for the tax on the income assessed of the HUF.

Options:

A.

Section 171[6]

B.

Section 171[1]

C.

Section 174[6]

D.

Section 174[1]

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Questions 138

Hire Purchase System was developed in ___________. Hire purchases are commonly used by businesses (including companies, partnerships and sole traders) in ________ to fund the purchase of cars, commercial vehicles and other business equipment.

Options:

A.

United Kingdom, Australia

B.

India, Malaysia

C.

United States, United Kingdom

D.

Australia, India

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Questions 139

Mrs. Brown is a widow with four children. Her husband left his estate completely to her on his death. When Mrs. Brown dies, her estate on death includes:-

CTEP Question 139

The funeral expenses of Mrs. Brown amount upto £1,900. Find out the amount of estate that would be distributable to each beneficiary.

Options:

A.

£108,048

B.

£108,333

C.

£107,858

D.

£205,548

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Questions 140

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 ______________

Options:

A.

1869;1872;1882;1986

B.

1872;1869;1882;1986

C.

1882;1872;1986;1869

D.

1869;1882;1969;1986

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