Online Access Free CTEP Practice Test

Which one of the above statement(s) is/are incorrect?

• A.Both
• B.(ii) only
• C.None of the above
• D.(i) only

Which of the following statements about Discretionary Trust is/are correct?

• A.Only (ii)
• B.Only (i)
• C.Neither (i) nor (ii)
• D.Both (i) and (ii)

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.

• A.Rs. 5 lakh
• B.Rs. 3 lakh
• C.Rs. 3.84 lakh
• D.Rs. 3.27 lakh

Which of the following is/are the neccessary contents of a will?

• A.I, II and IV
• B.All of these
• C.I, III and IV
• D.I, II and III

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 testatorcompletes writing the Will, he must the sign the Will very carefully in presence of at least __________independent witnesses.

• A.In the Beginning, One
• B.At the end, Two
• C.In the Beginning, Two
• D.At the end, One