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Chartered Trust & Estate Planner® (CTEP®) Certification Examination

Last Update 5 hours ago Total Questions : 472

The Chartered Trust & Estate Planner® (CTEP®) Certification Examination content is now fully updated, with all current exam questions added 5 hours ago. Deciding to include CTEP practice exam questions in your study plan goes far beyond basic test preparation.

You'll find that our CTEP exam questions frequently feature detailed scenarios and practical problem-solving exercises that directly mirror industry challenges. Engaging with these CTEP sample sets allows you to effectively manage your time and pace yourself, giving you the ability to finish any Chartered Trust & Estate Planner® (CTEP®) Certification Examination practice test comfortably within the allotted time.

Question # 1

For claiming exemption u/s 54G, the assessed shall acquire the new asset within:

A.

2 years from the date of transfer

B.

3 years from the date of transfer

C.

one year before or 2 years after the date of transfer

D.

one year before or 3 years from the date of transfer

Question # 2

______________ means a contract in which advance payment is made for good to be delivered later on. ____________ is a special kind of partnership where one partner gives money to the other for investing it in a commercial enterprise.

A.

Bai Salam, Mudarabah

B.

Bai Salam, Murabahah

C.

Bai Muajjal, Musharakah

D.

Bai Muajjal,Musawamah

Question # 3

The legal heir of the deceased who receives family pension is allowed a standard deduction from such family pension received to the extent of:

A.

1/3rd of such pension subject to maximum of Rs. 20,000

B.

1/3rd of such pension or Rs. 15,000 whichever is less

C.

1/3rd of such pension or Rs. 12,000 whichever is less

D.

1/3rd of such pension or Rs. 12,500 whichever is less

Question # 4

With respect to Workmen’s Compensation Act, if distinction is made on the ground of duration of incapacity it may extend to

A.

Only (i) and (ii)

B.

All of the above

C.

(i),(ii) and (v)

D.

Only (iii) and (v)

Question # 5

A trust not created by a will can be revoked only

A.

(i) & (ii)

B.

(ii) & (iii)

C.

(i) & (iii)

D.

All of the above

Question # 6

A Hindu coparcenary consists of a common male ancestor and his linear descendants in the male line within _______ degrees. ___________ is the state in which HUF is not recognized.

A.

Four, Karnataka

B.

Four, Kerala

C.

Three, Kerala

D.

Three, Karnataka

Question # 7

Goods and Services Tax (GST) was introduced in Singapore in ____________

A.

2002

B.

2012

C.

1992

D.

1994

Question # 8

During the PY 2009-10 a Kariwala Charitable Trust earned an income of Rs. 7 lakh out of which Rs.5 lakh was received during the PY 2009-10 and the balance Rs. 2 lakh was received during the PY 2011-2012.In order to claim full exemption of Rs. 7 lakh in the PY 2009-10:

A.

Rs. 1.05 lakh and Rs. 4.95 lakh

B.

Rs. 70,000 and Rs. 3.95 lakh

C.

Rs. 1.05 lakh and Rs. 3.95 lakh

D.

Rs. 70,000 and Rs. 4,30,000

Question # 9

Which of the following statements about Earned Income Tax Credit (ETIC) is are correct?

A.

Both (i) and (ii)

B.

Neither (i) or (ii)

C.

Only (i)

D.

Only (ii)

Question # 10

Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.

A.

$10,363,509

B.

$10,513,509

C.

$10,280,000

D.

None of the above

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