Free AAFM CTEP Exam Dumps Questions & Answers

Where an estate is liable to Inheritance Taxes, the tax is usually payable within ________________ of the end of the month in which the death occurred. If it becomes overdue,the amount owing may incur interest, currently at ___________ (as at April 2012).

• A.Six months, 6% p.a.
• B.Three months, 6% p.a.
• C.Six months, 3% p.a.
• D.Three months,3% p.a.

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

• A.All (i),(ii),(iii) and (iv)
• B.None of (i),(ii),(iii) and (iv)
• C.All except (iii)
• D.All except (iv)

Lokesh purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-102006 for Rs. 25,00,000/-. As a CTEP calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).

• A.Rs.18,46,975
• B.Rs.16,29,508
• C.Rs.17,01,639
• D.Rs.17,68,683

For 2012-2013 the annual exclusion amount sheltered from estate tax in US is ____________.

• A.$5,000,000
• B.$5,250,000
• C.$5,500,000
• D.$5,750,000

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

• A.Only (ii)
• B.Only (i)
• C.Neither (i) or (ii)
• D.Both (i) and (ii)