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Free CTEP Exam Braindumps (page: 46)

Page 46 of 119
PDF with 472 Questions

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.

  1. Rs. 11,055/-
  2. Rs. 7,040/-
  3. Nil
  4. Rs. 3,075/-

Answer(s): A



Compute Gross Total income and amount of loss allowed to be carried forward to next year:

  1. Rs. 34,000; Rs. 10,000
  2. Rs. 40,000; Rs. 10,000
  3. Rs. 40,000; Nil
  4. Rs. 40,000; Rs.10,000

Answer(s): C



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.

  1. Rs. 2 lakh
  2. Rs. 9.50 lakh
  3. Rs. 17 lakh
  4. Rs. 9 lakh

Answer(s): A



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.

  1. Rs. 3.84 lakh
  2. Rs. 3 lakh
  3. Rs. 3.27 lakh
  4. Rs. 5 lakh

Answer(s): A



Page 46 of 119



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

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