________________ is a popular mode of transfer of property to God or Almighty, under the Mohammedean Law.

________________ is an informal type of Trust that is created during the lifetime of the grantor by depositing money into an account at a bank or other Financial Institution in the grantor’s name as the Trustee for another person.

Is there any default for not/late filling of wealth tax returns?

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.

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?

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

As per Section 3 of the Indian Trusts Act, a person who declares the confidence is called ____________ of the Trust.

In case of Loss of Thumb, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?

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.

Mr. Subhash Bansal, a marketing manager is employed with IMFB limited. He took an advance of Rs. 1,20,000 against the salary of Rs. 30,000 per month in the month of March 2007. The gross salary of Mr. Adhikari for the assessment year 2012-13 shall be:

As per Payment of Gratuity Act, Employees are entitled to ___________ terminal wages as gratuity for each year of completed service or part thereof in excess of 6 months. Seasonal employees are entitled to __________ terminal salary for each season of service.

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

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.

Which of the following is allowed as deduction from net annual value of a property?

Dinesh is entitled to a basic salary of Rs. 5,000 p.m. and dearness allowance of Rs. 1,000 per month, 40% of which forms the part of the retirement benefits. He is also entitled to HRA of Rs. 2,000 per month. He actually pays Rs. 2,000 per month as rent for a house in Delhi. Compute the taxable HRA.

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

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

Manish has two house properties. Both are self occupied. The annual value of:

There are__________ methods of Business valuation.Out of these methods,___________ method applies discount rate to determine the valuation of the business.

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.

What is Probate?

Full form of IRA is_____________

Which of the following comes under Non-Financial Goals of Estate Planning?

Estate tax is also called ________

_________________ can be used as an alternative to the outright gift and ___________ can be used as an alternative to a traditional short term pledge.

_________ is the most appropriate method for donors who prefer to make gifts at the end of their life and _________ is the most appropriate method for donors who prefer to give gifts during their lifetime.

There are______ key estate planning strategies to transfer wealth efficiently. In a Granted Retained Annuity Trust, annuity payments are determined in relation to IRS benchmark interest rate called ____________ rate.

Which of the following is a way to Revoke a Will?

According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.

What does ‘T’ in ‘SWOT’ stands for?

_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.

A High Net Worth Individual (HNI) should hold at least _______ in liquid financial assets.

You are an Estate Planner. A client gives you the following information (given below in Table).

You are required to make Quick Estimate of Estate’s liquidity. All figures are in Rupees. The estimate in this case is ______________

According to__________ of the ‘Registration Act, 1908’ the registration of a Will is not compulsory.

Which of the following statement is true?

Exhibit:

Deadline for filing corporate tax return is ______________.

What is the full form of EITC?

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 ___________.

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

A Hindu coparcenary consists of a common male ancestor and his linear descendants in the male line within _______ degrees. ___________ is the state in which HUF is not recognized.

Which of the following statements about Earned Income Tax Credit (ETIC) is are correct?

For inheritance tax purposes, even if the individual was not at the time of transfer domiciled in the UK, he or she will be treated as domiciled in the UK if, at the time a transfer of value was made:

Economic Expansion Act was introduced in Singapore in __________.

Where a registered grant-making philanthropic organization contravenes any regulation made under subsection (18A), being a regulation prescribed as one to which this subsection applies ,the organization shall be liable to pay to the Comptroller a financial penalty of the higher of _______ and the amount ascertained by the formula: ______ X the total amount of donation to which the contravention relates.

Which of the following transaction /transactions is/are an example of the Layering Stage of Money Laundering?

"During the PY 2009-10 a Poonawala 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:

In UK, if the donor survives for _______ years after making the gift, it becomes exempt from Inheritance Taxes.

Socities Registration Act has ______________ Sections. ________________ deals with the Registration and Fee of Society.

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

Which of the following statements about Discretionary Trust is/are correct?

Wealth Tax is charged at _________ the amount by which the net amount exceeds Rs. ____________________

Which of the following is/are essential(s) of a valid Charitable or Religious Trust?

What is the full form of DFT?

_______________ 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 Discretionary Trust is/are correct?

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

Mr. Sumit is an employee of Genesis Ltd. His basic pay is Rs.24,000 p.a., Dearness Allowance Rs.12,000 p.a; Medical Allowance (fixed) Rs.10,000 p.a.; Conveyance Allowance Rs.6,000 p.a.; Professional Tax deducted from his salary Rs.1,000 p.a.; Free lunch provided during office hours valued at Rs.12,000 for a 300-working day year; free education for two children in a school owned and maintained by the employer – school tuition fee for both the children is estimated at Rs.18,000 p.a.

What is Net Income of Mr. Sumit and examine whether he is a specified or non-specified employee?

As per Workmen’s Compensation Act, in case there is default in paying compensation .

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

In case of self occupied property, higher deduction u/s24(b) for interest on loan for construction can be claimed if borrowing was made

One person is said to be ____________ of other if the two are related by blood or adoption but not wholly through males.

Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.

In Singapore, if the dependent (aged parent) is not less than 55 years of age living with his son in the same household and whose income was not more than $4,000 in that year, deduction of ___________ is allowed in such a case.

The consideration for the Lease is called _______________

______________ of the Hindu Succession Act,1956 groups the heirs of a male intestate into four groups and lays down that the property first devolves upon the heirs of Class I of the Schedule.

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

In case of non-resident, who is carrying on shipping business, his Indian income shall be presumed to be:

As per Payment of Gratuity Act, Gratuity shall be payable to an employee after he has rendered continuous service for not less than __________

As per the Ancient Hindu Law, there are ____________ Vedas. Scholars have determined that ___________ is the oldest of the Vedas.

Deduction under section 80RRB is allowed to the extent of:

X furnishes the following particulars for the compilation of his wealth-tax return for assessment year 2012-13.

Calculate the amount on which Wealth Tax is Payable.