Chartered Trust & Estate Planner® (CTEP®) Certification Examination (CTEP) Practice Test

Questions # 31:

Expenditure incurred in carrying out illegal business is—

Options:

Not allowed as deduction in any case.

Allowable as deduction, if gross total income is less than Rs. 5 lakhs.

Allowable as deduction in all cases.

Allowable as deduction, if income from illegal business is offered to tax.

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:

Rs.17,01,639

Rs.18,46,975

Rs.17,68,683

Rs.16,29,508

Questions # 33:

Short-term capital gain arising for the transfer of equity shares and units of equity oriented fund shall be taxable

Options:

at the normal rate

at the rate of 20%

at the rate of 10% if transferred on or after 1-10-2004

at the rate of 10% if transferred on or after 1-10-2004 through a recognized stock exchange & such transaction is chargeable to securities transaction tax

Questions # 34:

Which of the following statement(s) about Benami Transaction is/are correct?

Exhibit:

Question # 34

Options:

Only (i)

Only (ii)

Neither (i) nor (ii)

Both (i) and (ii)

Questions # 35:

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?

Options:

Rs 5,00,000

Rs 6,00,000

Rs 1,34,000

Nil

Questions # 36:

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

Question # 36

Options:

Statement A is correct

Statement B is correct

Both statements are correct

Both statements are incorrect

Questions # 37:

Which of the following is/are ancillary benefit(s) of Discretionary Family Trust?

Question # 37

Options:

All except (i)

All except (ii)

Only (iii)

All of the above

Questions # 38:

Competency to contract has been defined under ____________ of the Indian Contract Act,___________

Options:

Section 1, 1872

Section 11, 1872

Section 1, 1870

Section 11, 1872

Questions # 39:

What is the full form of DFT?

Options:

Discretionary Foundation Trust

Discretionary Family Trust

Discretionary Foundation Trustor

Discretionary Family Trustor

Questions # 40:

The Indian Trusts Act, 1882 has _______________ Sections.

Options:

102

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