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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.
The Gift Tax Act came into force on _________________ and was deleted vide the Finance Act,__________.
A trust created under the Married Woman Property Act, is an example of ________________.
A member is defined under ___________ of the Societies Registration Act and a Governing body is defined under_______________ of the Societies Registration Act.
______________ of Income Tax Act,1961 provides for the Registration of a Charitable Trust.
Incase of Divorce by mutual consent, on the motion of both the parties made not earlier than __________ after the date of the presentation of the petition and not later than____________ after the said date, if the petition is not withdrawn in the meantime, court shall, on being satisfied on all grounds pass a decree of divorce declaring the marriage to be dissolved with effect from the date of the decree.
Scholarship received by a student was Rs. 2,000 per month. He spends Rs. 15,000 for meeting the cost of education during the year. The treatment for the balance amount Rs. 9,000 is:
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.
Wealth Tax is charged at _________ the amount by which the net amount exceeds Rs. ____________________
_____________ of the Income Tax Act,1961 contains the provision that the profits and gains of the business carried on by a Charitable Trust would be fully exempt from tax.
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).
______________ is the final stage in the process of 'Money Laundering' at the International Level.
_______________ is a Life Insurance Trust with certain provisions that allows gifts to the trust to qualify for the annual gift tax exclusion.
Which of the following statement(s) about Chargeable Lifetime Transfers is/are correct?
In US, the amount of standard deduction is __________ for married individuals filing a separate return.
Which of the following transaction /transactions is/are an example of the Layering Stage of Money Laundering?
Mr. Arun mortgages a certain plot of building land to Mr. Sumit and afterwards erects a house on the plot. For the purpose of his security, Mr. Sumit is entitled to ______________.
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.
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:-
The funeral expenses of Mrs. Brown amount upto £1,900. Find out the amount of estate that would be distributable to each beneficiary.
The accounts of the Trust should be audited where the income (including corpus donations) exceeds ______________. 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 to charitable purposes in India.
In case of Amputation through shoulder joint, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?
_________________ can be used as an alternative to the outright gift and ___________ can be used as an alternative to a traditional short term pledge.
As per Payment of Gratuity Act, Gratuity shall be payable to an employee after he has rendered continuous service for not less than __________
A person is deemed to have attained majority on completion of __________________ in case where a guardian of a minor’s property is appointed under the Guardian and Wards Act,1890.
While preparing a Will, the person who is making the Will must declare ________ that he is making the Will in his full senses and free from any kind of pressure. Once the testator completes writing the Will, he must the sign the Will very carefully in presence of at least __________independent witnesses.
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)
Private Companies have a minimum paid up capital of _______________ or such higher capital as may be prescribed.
______________ does not divest the policy holder of his rights in the policy and he retains disposing power over it.
In US for year 2013, Grandparent care giver relief is ___________ and Course fee relief is __________.
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
You are an Estate Planner. As part of the Estate Planning process, you require the client to fill up ‘Estate Planning Checklist and Data Gathering form’. The client calls you to understand what are Schedule A and Schedule C attached to the form.You explain to him/her that Schedule A is for _______ and Schedule C is for__________
You are an Estate Planner. Your Client asks you that if he wants to give business to his children which method is not appropriate. He further asks you which method can help him control the size of this gift through his will. Your reply would be___________
You are an estate planner. A couple has jointly owned company. They have three children out of which one is disabled. As an estate planner, which Estate planning would you suggest to the couple, so as to enable them to transfer wealth efficiently to their children.
As per the Payment of Gratuity Act, the employer shall pay the amount of gratuity within _________.
_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.
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.
______________ 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.
Which of the following statement(s) about Power of Attorney (POA) is/are correct?
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?
As per ___________ of the Indian Trusts Act, a trust can be created by every person competent to contract.
A trust which is created and operating during the Grantors lifetime is called________________
Dharampal has let out his house property at monthly rate of Rs. 12000. He has paid Rs.3500 as annual municipal tax. He wants to know the Net Annual value of his house at Bhuj for AY 2011-12. The Municipal value of the house is Rs. 90,000, Fair rent Rs. 1,40,000, Standard rent Rs. 1,20,000. The house was vacant for one month during the previous year 2010-11 and the rent has not changed since then.
Bijoy traced a missing person and was awarded a sum of Rs. 35,000. Although there was no stipulation to that effect, such receipt shall be:
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 __________.
Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. He has two other partners in the business having stakes of 24% each. He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh respectively. His joint Demat account, wife being primary holder, has stocks worth Rs. 1.65 crore. The business has taken Keyman ‟ s insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client’s estate in case of any exigency with his life as _____.
Find out the taxable value of perquisite from the following particulars in case of an employee to whom the following assets held by the company were sold on 1.8.2012.
The assets were put to use by the company from the day they were purchased.
From the following information of assets assets and liabilities, the taxable wealth for:
As per Workmen’s Compensation Act, in case there is default in paying compensation .
Sections _____ to______ of the Hindu Succession Act, 1956 lay down the general rules as to the order of succession when a Hindu male dies intestate.
In order that a claim for partition has to be recognized under the Income Tax Act, the claim for partition must fulfill the condition as laid down in ____________ of Hindu Succession Act,1956.
If the adoption is by a male and the person to be adopted is a female, the adoptive father should be at least _______________ older than the person to be adopted. In case, the adoption is by female and the person to be adopted is a male, the adoptive mother should be at least_________ older than the person to be adopted.
_____________ of the Income Tax Act, 1961 provides that where a trustee receives or is entitled to receive any income on behalf of or for the benefit of any person under an Oral Trust, tax is to be charged on such income at the maximum marginal rate.
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.
Section 45 of the Insurance Act,1938 places a check on the power of insurer to avoid life policy on the ground of innocent misrepresentation after the expiry of ____________ of the policy term
As per Employee Provident Fund, a member can withdraw________ of the amount of provident fund at credit after attaining the age of 54 years or within one year before actual retirement or superannuation whichever is later.
Which of the following statement(s) about ‘Knock for Knock Agreement’ is/are correct?
The income of any university or other educational institution existing solely for educational purposes and not for the purposes of profit is exempt under clause (iiiad) of Section 10(23C) if the aggregate annual receipts’ of such university or educational institution do not exceed
As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.
____________ means excess, increase or addition according to Sharia’ah Terminology. Bahrain has over _________ financial institutions with a wide range of activities including Islamic Insurance.
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.
Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse, then the exempt transfer is limited to ____________
The interest payable for a housing loan outside India is not allowed as a deduction U/S 24 (1) while computing the income from house property. The given statement is
During the PY 2009-10 a Kariwala Charitable Trust earned an income of Rs. 7 lakh out of which Rs.5 lakh was received during the PY 2009-10 and the balance Rs. 2 lakh was received during the PY 2011-2012.In order to claim full exemption of Rs. 7 lakh in the PY 2009-10:
Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.
With respect to the Income Tax structure in Singapore, the employment income is taxed at __________ or resident rate, whichever gives rise to a higher amount.
There are four general categories of charitable gifts for donors and non-profits to consider. Out of these________ and ____________ require no contracts, trusts, trustees or special income tax returns. On the other hand, for __________ and _____________most donors and non-profits will need significant level of financial sophistication.
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?
Mr. Dinesh is transferred to Delhi and is paid a shifting allowance of Rs.20,000 by his employers out of which he spends Rs.18,000 for shifting his family and personal effects. Which of the following is true?
In US the exemption amount for Alternative Minimum Tax in the case of estate or trust is _________. The same in the case of married individuals filing a joint return and surviving spouses is ______________.
One person is said to be ____________ of other if the two are related by blood or adoption but not wholly through males.
In US, GST exemption limit for 2013 is _______________ and the Estate and Gift tax for the same year is __________.
When a deceased dies issueless leaving a widow there is no question of a deemed partition under ___________ of the Hindu Succession Act.
In UK, for year 2013-2014 the Income limit for Personal Allowance is _____________ and the Personal Allowance for people born after 5 April 1948 is ___________.
In case where the Filling Status is single, phase-out begin range is ____________ (as in 2013).
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.
Muslim law recognizes that person cannot dispose of by Will more than ______of the net assets (unless ratified by all the heirs of the person leaving behind the Will) while the remaining _________ should be made available for distribution among the heirs.
In context of Hindu Adoptions and Maintenance Act,1956 if a person has more than one wife living at the time of adoption
Compulsory maintenance of account is required u/s 44AA of IT, if the gross receipt/ total sales exceed _______
Money laundering Process has ____________ stages. The Financial Action Task Force on Money Laundering was formed in __________ by the G7 countries.
Mr. Kadam is entitled to a salary of Rs. 25,000 per month. He is given an option by his employer either to take house rent allowance or a rent free accommodation which is owned by the company. The HRA amount payable was Rs. 5,000 per month. The rent for the hired accommodation was Rs. 6,000 per month at New Delhi. Advice Mr. Kadam whether it would be beneficial for him to avail HRA or Rent Free Accommodation. Give your advice on the basis of “Net Take Home Cash benefits”.
X owns a piece of land situated in Varanasi (Date of acquisition : March 1, 1983, Cost of acquisition Rs. 20,000/- value adopted by Stamp duty authority at the time of purchase Rs. 45,000/-).On March 30, 2012 the piece of land is transferred for 4 lakh. Find out the capital gains chargeable to tax if the value adopted by the Stamp duty authority is 5.5 lakh. X does not dispute it. [CII-12-13: 852,11-12: 785,10-11:711]
X Ltd. has failed to remit the tax deducted at source from annual rent of Rs. 6,60,000 paid to Mr. A for its office building. The said rent is
Which of the following statement(s) about Reverse Mortgage Scheme is/are correct?
Which of the following statement(s) about Benami Transaction is/are correct?
Exhibit:
Which of the following statement(s) about ‘Doctrine of Subrogation’ is/are correct?
TESTED 02 May 2026
