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A Diety is entitled to initial exemption of __________________ in respect of its income.
In __________, a protective trust is a type of trust that was devised for use in estate planning.
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 Section 164(1) a trust for the benefit of an unborn person is liable to income tax at maximum rate of Income Tax, currently_________.
A person purchased certain property in the name of his minor son and subsequently resold it while the son was minor. This sale is ___________________
A trust which is created and operating during the Grantors lifetime is called________________
_____________ of the Income Tax Act,1961 contains the provision that the profits and gains of the business carried on by a Charitable Trust would be fully exempt from tax.
As per ______________ of the Indian Trust Act, the subject matter of a trust must be properly transferable to the beneficiary.
A High Net Worth Individual (HNI) should hold at least _______ in liquid financial assets.
High Net Worth Individuals can dispose of their money in______ ways. From the standpoint of the wealth holder,__________ is the most important of all.
A person is deemed to have attained majority on completion of __________________ in case where a guardian of a minor’s property is appointed under the Guardian and Wards Act,1890.
A trust involves_______ parties. ___________ is the person who establishes the trust.
While preparing a Will, the person who is making the Will must declare ________ that he is making the Will in his full senses and free from any kind of pressure. Once the testator completes writing the Will, he must the sign the Will very carefully in presence of at least __________independent witnesses.
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 ___________.
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.
There are_________ steps to implement Philanthropy Planning and the first step is__________.
As per Employee Provident Fund, a member can withdraw________ of the amount of provident fund at credit after attaining the age of 54 years or within one year before actual retirement or superannuation whichever is later.
For which of the following stage of Business Cycle a succession plan is not prepared?
A client has a minor child she is concerned about what might happen if she was to die, while the child was still young and unable to sensibly handle a sizeable inheritance, one solution could be to draft her will so that the child receives the asset once reaching age 21 this is an example of
Which of the following transaction /transactions is/are an example of the Layering Stage of Money Laundering?
In US for year 2013, Qualifying child relief is ___________ per child and Handicapped child relief is _____________ per child.
Which of the following statements about Earned Income Tax Credit (ETIC) is are correct?
____________ lease is typical for business institutions and organizations whose operations rely on a seasonal schedule. ______________ is an option often taken by new businesses which have no credit history.
The property of a female Hindu dying intestate shall devolve according to the rules set out in _________ of the Hindu Succession Act, 1956.
Which of the following statement(s) about Hire Purchase Agreement is/are correct?
If the NPV of buy alternative is Positive and the NPV of incremental lease effect is negative then the correct decision is to___________.
According to HMRC, the number of families caught by Inheritance Taxes has _________________ over the last 10 years.
"From the following information of assets assets and liabilities, the taxable wealth for:
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:
Scholarship received by a student was Rs. 2,000 per month. He spends Rs. 15,000 for meeting the cost of education during the year. The treatment for the balance amount Rs. 9,000 is:
The income of any university or other educational institution existing solely for educational purposes and not for the purposes of profit is exempt under clause (iiiad) of Section 10(23C) if the aggregate annual receipts’ of such university or educational institution do not exceed
Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. He has two other partners in the business having stakes of 24% each. He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh respectively. His joint Demat account, wife being primary holder, has stocks worth Rs. 1.65 crore. The business has taken Keyman‟s insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client’s estate in case of any exigency with his life as _____.
As per Hindu Adoptions and Maintenance Act,1956 a female Hindu can make adoption in which of the following cases
Saptarshi acquired shares of G Ltd. on 15.12.98 for Rs. 5 lacs which were sold on 14.6.11 for Rs. 19 lacs.
Expenses on transfer of shares Rs. 40,000. He invests 8 lacs in the bonds of Rural Electrification. Corporation Ltd. on 16.10.2011. Compute capital gain for the assessment year 2012-13.
Mr. Syelwester Andrews, a Resident Indian, has income derived from rubber plantation in Malaysia. It shall be treated as:
In context of Hindu Adoptions and Maintenance Act,1956 if a person has more than one wife living at the time of adoption
With respect to Workmen’s Compensation Act, if distinction is made on the ground of duration of incapacity it may extend to
In case of self occupied property, higher deduction u/s24(b) for interest on loan for construction can be claimed if borrowing was made
Which of the following statement(s) about Hindu Adoption and Maintenance Act, 1956 is/are correct?
TESTED 10 May 2024
