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Question 1

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]

Options :

A : Rs. 4,05,963/-

B : Rs. 3,45,963/-

C : Rs. 3,80,963/-

D : Rs. 4,15,963/-

Answer: A

Question 2

The Client wants to find out the value of estate that his spouse and each of their children would receive assuming he dies today.

Options :

A : $2,804,035

B : $2,774,035

C : $2,757,333

D : $2,772,702

Answer: B

Question 3

From the following information of assets assets and liabilities, the taxable wealth for:

Options :

A : Rs. 1,10,00,000 & Rs. 40,00,000 respectively

B : Rs. 1,00,00,000 & Rs. 40,00,000 respectively

C : Rs. 1,10,00,000 & Rs. 50,00,000 respectively

D : Rs. 70,00,000 & Rs. 40,00,000 respectively

Answer: A

Question 4

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

Options :

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 5

Full form of IRA is_____________

Options :

A : Individual Revocable Account

B : Individual Retirement Arrangement

C : Individual Retirement Attorney

D : Individual Retirement Aggregation

Answer: B