Online Access Free CTEP Practice Test

Compulsory audit of account is required u/s 44AB of IT, if the total sales/ turnover exceeds

• A.Rs. 40,00,000
• B.Rs. 10,00,000
• C.Rs. 1,00,00,000
• D.Rs 60,00,000

Estate planning has_____ phases.

• A.Depends on the value of estate
• B.Three
• C.Two
• D.Nil

In case of a HUF whose manager has not been resident in India in nine out of ten previous years preceding the previous year or has, during the ________previous years preceding
that year, been in India for a total __________or less, such HUF is to be regarded as Not Ordinarily Resident within the meaning of the Income-tax Act, 1961.

• A.Seven, 182 years
• B.Three, 182 days
• C.Seven, 729 days
• D.Three, 729 days

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.

• A.Rs. 11,055/
• B.Nil
• C.Rs. 3,075/
• D.Rs. 7,040/

Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse, then the exempt transfer is limited to ____________

• A.(GBP)25,000
• B.(GBP)45,000
• C.(GBP)55,000
• D.(GBP)35,000