AAFM Chartered Trust & Estate Planner (CTEP) Certification Examination - CTEP Exam Practice Test

Which one of the following statement(s) is/are correct?

As per Payment of Gratuity Act, Gratuity shall be payable to an employee after he has rendered continuous service for not less than __________

Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. He has two other partners in the business having stakes of 24% each. He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh respectively. His joint Demat account, wife being primary holder, has stocks worthRs. 1.65 crore. The business has taken Keymans insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client's estate in case of any exigency with his life as _____.

A _______________ is written in the Will-maker's own handwriting.

Which of the following statement(s) about UTMA is/are correct?

Charity tends to be ________ and _________ response.

Compulsory maintenance of account is required u/s 44AA of IT, if the gross receipt/ total sales exceed _______

You are an estate planner. A couple has jointly owned company. They have three children out of which one is disabled. As an estate planner, which Estate planning would you suggest to the couple, so as to enable them to transfer wealth efficiently to their children.

As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.

According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.