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______________ of the Transfer Property Act permits the transfer of property only to one or more living persons.
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.
As per the Societies Registration Act, no society shall be dissolved unless ______________ of the members shall have expressed a wish for their votes delivered in person or by proxy, at a general meeting convened for the purpose.
You are an Estate Planner. Mr. Arun Mittal is your client. He is inquisitive to know about Trusts. You explain him that on the basis of intention, Trust is of ____________ types and on the basis of Purpose, Trust is of __________ types. He further asks you that which of these are the requisites for the creation of a Trust out of these
What will be your reply to all of the above questions?
_______________ is a Life Insurance Trust with certain provisions that allows gifts to the trust to qualify for the annual gift tax exclusion.
A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.
A trust created under the Married Woman Property Act, is an example of ________________.
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.
For which of the following stage of Business Cycle a succession plan is not prepared?
As per the ESI Act, the monthly wage limit for coverage is _____________ per month.
You have just started your Estate Planning firm. Your friend who is into Estate Planning since 5 years explains you that an Ideal Estate Planning Prospect is one who is aged ___ or over and are _______________.
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.
High Net Worth Individuals can dispose of their money in______ ways. From the standpoint of the wealth holder,__________ is the most important of all.
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)
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.
In case one wants to sell his/her business interest __________ and __________ are not appropriate.
In context to Workmen’s Compensation Act, any claim for the compensation should be made within _________ of the occurrence of the accident or from the date of death.
__________ is an influential person who knows you favorably and agrees to introduce or recommend you to others.
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.
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).
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. 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”.
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.
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.
______________ is the final stage in the process of 'Money Laundering' at the International Level.
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]
Which of the following is allowed as deduction from net annual value of a property?
Mr. Sahil has two daughter and is in receipt of education allowance of Rs 200 per month for each of them. What would be the taxable allowance in the hands of Mr. Sahil for the full FY.
As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.
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 US for 2013, the amount of the standard deduction is ______ for single individuals and married individuals filing separate returns.
Mr. Alen is born in UK and his father was non-UK domiciled soldier of foreign nation serving in the UK. Mr. Neil father was non-UK domiciled and he was adopted by a UK domiciled father. The status of domicile for Allen and Neil respectively is ______________ and ______________. Mrs. Suzan is a woman with a domicile of origin outside the UK who married a man domiciled within the UK in January 1970. Mrs. Kathy,a US national married a man on 1st January 1974 domiciled in UK. The status of domicile for Mrs. Suzan and Mrs. Kathy respectively is _____________ and ______________.
_____________ of the Hindu Succession Act,1956 deals with the Order of Succession among heirs in the Schedule.
Mr. Shikar wants to invest his savings in an account that pays an interest rate of 9.25% p.a. compounded annually at different ages of his son whose current age is 4 years. Please calculate for him the Future Value of these investments when his son turns 18.
Which of the following transaction /transactions is/are an example of the Layering Stage of Money Laundering?
In some states like __________ and ____________, the Indian Succession Act was amended to provide that all daughters who were unmarried as on the date of the amendment would be regarded as coparceners in much the same manner as the sons in the family.
If a Muslim gentleman dies, leaving behind his widow, a sister and a son, then how would the property be distributed?
______________ 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.
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:
TESTED 30 Apr 2024
