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Chartered Trust & Estate Planner (CTEP) Certification Examination Questions and Answers

Question 5

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?

Options:

A.

The whole of Rs.20,000 is exempt as a casual receipt

B.

The whole of Rs.20,000 is exempt under section 10(14)

C.

Rs.18,000 is exempt from tax under Section 10(14)

D.

Rs.18,000 is exempt as a casual receipt

Question 6

In ____________ the parties have the right to withdraw from the contract as long as the parties do not leave the place of contract. In___________ the buyer could cancel the sale if the seller has sold the goods at price higher than the market price.

Options:

A.

Khiyar al Royat, Khiyar al Wasf

B.

Khiyar al Tayin, Khiyar al Shart

C.

Khiyar al Aib, Khiyar-e-Naqad

D.

Khiyar-e-Majlis, Khiyar al Ghabn

Question 7

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:

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

Question 8

Which of the following statement(s) about Employee State Insurance Act is/are correct?

Options:

A.

All of the above

B.

All except (iv)

C.

Only (ii)

D.

None of the above

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Total 472 questions