Question 1

A person is said to be Agnate of another if the two of them are

Options :

A : Related by blood or adoption entirely or wholly through males

B : Related by blood or adoption entirely or wholly through females

C : Related by blood or adoption entirely or wholly through their relatives

D : Related by blood or adoption entirely or wholly through the guardian other than family member

Answer: A

Question 2

Deductions under section 54 are allowed from

Options :

A : Gross Total Income

B : Long Term Capital Gain

C : Gross total income exclusive of long-term capital gain as well as short-term capital gain

D : Net Total Income

Answer: C

Question 3

According to the dividend-growth model, the valuation of common stock depends on:

Options :

A : I and II

B : I and Ill

C : II and Ill

D : All of the above

Answer: A

Question 4

For claiming exemption u/s 546, the assessee shall acquire the new asset within

Options :

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

Answer: C

Question 5

Mr. Tiwari is the sole income earner in the family. Mrs. Tiwari is a homemaker. They are aged 40 and 36

respectively Life expectancy for both of them is another 40 years. They have no children. Other

information you have is: Current investment portfolio Rs. 20 lakhs, Estimated final expenses Rs. 1 lakh,

present annual expenses are of Rs. 4 lakhs (including Rs. 1 lakh of Mr. Tiwari's personal expenses), Mr.

Tiwari's post tax income in hand is Rs. 3.5 lakhs. Assume a post tax and post inflation rate is 4%.

Calculate the insurance requirement under the Needs Based Method?

Options :

A : Rs. 43 Lakhs

B : Rs. 42 Lakhs

C : Rs. 62 Lakhs

D : Rs. 51 Lakhs

Answer: D

Higher Test Marks with Free Online CWM_LEVEL_1 Exam Practice