Summer Special 60% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: bestdeal

Master the Chartered Trust & Estate Planner® (CTEP®) Certification Examination CTEP Exam with Confidence!

Questions 31

Which of the following statement(s) about Hindu Adoption and Maintenance Act, 1956 is/are correct?

CTEP Question 31

Options:

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) nor (ii)

Buy Now
Questions 32

Lokesh purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-10-2006 for Rs. 25,00,000/-. As a CTEP calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).

Options:

A.

Rs.17,01,639

B.

Rs.18,46,975

C.

Rs.17,68,683

D.

Rs.16,29,508

Buy Now
Questions 33

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 __________.

Options:

A.

Rs. 72,000

B.

Rs. 60,000

C.

Nil

D.

Rs. 1,23,000

Buy Now
Questions 34

Mukul purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-10-2006 for Rs. 25,00,000/-. Please calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).

Options:

A.

Rs.17,85,129

B.

Rs.17,26,175

C.

Rs. 17,01,639

D.

Rs.17,45,508

Buy Now
Questions 35

What would be the tax liability if tea and snacks are provided in the office after office hours?

Options:

A.

Nil

B.

Nil, if it is upto Rs. 50 per meal

C.

Actual amount spent by the employer

D.

Nil, if it is upto Rs. 75 per meal

Buy Now
Questions 36

As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.

Options:

A.

Rs.1,00,000

B.

Rs.75,000

C.

Rs.50,000

D.

Rs.30,000

Buy Now
Questions 37

Choose the amount of final tax liability of Mr. Raj for the assessment year 2007-08:

CTEP Question 37

Tax slab for male / HUF(for AY 2007-08)

Rs. 0 to 100000 — No Income Tax

Rs. 1,00,001 to 1,50,000 — 10%

Rs. 150001 to 2,50,000 — 20%

Rs. 2,50,001 and above — 30%

Note: A surcharge of 10% on income tax amount is payable if total income is exceeding Rs. 10,00,000 and a 2% education cess is payable on the income tax amount and surcharge.

Options:

A.

Rs.17,100

B.

Rs.17,442

C.

Rs.15,700

D.

Rs.16,014

Buy Now
Questions 38

Mr. Pramod Jain (age 40 years) has life interest in a Trust property. The annual income from Trust property for last three years is as under:

CTEP Question 38

The Trust has spent Rs. 5,000/- per year for collection of the income. The value of life interest of Re 1/- at the age of 40 is Rs. 10,093/-. The value of the property on the valuation date is Rs. 5 lakh. Find the value of life interest.

Options:

A.

Rs. 3.84 lakh

B.

Rs. 3 lakh

C.

Rs. 3.27 lakh

D.

Rs. 5 lakh

Buy Now
Questions 39

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

Options:

A.

Rs. 1,50,000

B.

Rs.30,000

C.

Rs.96,000

D.

Rs.1,34,400

Buy Now
Questions 40

Which of the following statement(s) about Halal Credit Cards is/are correct?

CTEP Question 40

Options:

A.

Both (i) and (ii)

B.

Neither (i) nor (ii)

C.

Only (i)

D.

Only (ii)

Buy Now