AAFM CTEP Exam Questions Instant Access - No Installation Required

Question 1

Which of the following statement(s) about 'Doctrine of Subrogation' is/are correct?

AOnly (i)

BOnly (ii)

CNeither (i) nor (ii)

DBoth (i) and (ii)

Answer : B

Question 2

In case of __________ trust there is no Inheritance Tax if the settlor survives for _________ years.

AAbsolute, Three

BAbsolute, Seven

CDiscretionary, Three

DDiscretionary, Seven

Answer : B

Question 3

Which of the following statement(s) about Hire Purchase Agreement is/are correct?

AOnly (i)

BOnly (ii)

CBoth (i) and (ii)

DNeither (i) or (ii)

Answer : C

Question 4

Which of the following statement(s) about HUF is/are incorrect?

ABoth (i) and (ii)

BOnly (i)

COnly (ii)

DNeither (i) or (ii)

Answer : D

Question 5

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

A30%

B35%

C40%

DThe provisions of maximum rate of income tax would not apply.

Answer : D

Question 6

Gift received is not taxable in hands of

AIndividual

BHUF

CSociety

DNone of the above

Answer : C

Question 7

Mr. Syelwester Andrews, a Resident Indian, has income derived from rubber plantation in Malaysi

a. It shall be treated as:

AAgricultural income and hence exempt

BAgricultural income but taxable under the head Income from Other Sources

CExempt as earned outside India

DTaxable in Malaysia

Answer : B

AAFM Chartered Trust & Estate Planner (CTEP) Certification Examination CTEP Exam Questions