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Free CTEP Exam Braindumps (page: 44)

Page 44 of 119
PDF with 472 Questions

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.

  1. Rs 7,41,766
  2. Nil
  3. Rs 11,18,234
  4. Rs 12,45,745

Answer(s): B



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.

  1. Rs. 17,520
  2. Rs. 32,400
  3. Rs. 18,000
  4. Rs. 24,000

Answer(s): A



Mukul 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/-. Please 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).

  1. Rs.17,85,129
  2. Rs.17,26,175
  3. Rs. 17,01,639
  4. Rs.17,45,508

Answer(s): C



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?

  1. Rs. 51,000; Specified Employee
  2. Rs. 50,000 ;Non Specified Employee
  3. Rs. 48,000;Specified Employee
  4. Rs. 57,000;Non Specified Employee

Answer(s): A



Page 44 of 119



Post your Comments and Discuss AAFM CTEP exam with other Community members:

Anand commented on December 06, 2024
Nice questions
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Evan Couture commented on December 03, 2024
These questions are exactly what you will see on exam day, but they are good study. The exam may have questions covering similar objectives, but you will still need to study the material and perform hands on labs to be fully prepared. I used certmaster learn, infosec labs, pentest+ for dummies, pluralsight, wordwall user(markutree has some useful matching exercises), quizlet, and of course this resource. Hope this helps.
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