Question 1

Which of the following statement(s) about Hire Purchase Agreement is/are correct?

Options :

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 2

The property of a female Hindu dying intestate shall devolve according to the rules set out in _________ of the Hindu Succession Act, 1956.

Options :

A : Section 15

B : Section 16

C : Section 17

D : Section 18

Answer: B

Question 3

The defined period for fraudulent transfers under the Bankruptcy Code was formerly ____________prior to the debtor’s filing for bankruptcy. This period was ____________ by the Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfers to self-settled trusts may be recaptured if made within _________ of the debtor’s filing for bankruptcy if the transfer in trust was made with the intent to hinder, delay or defraud present or future creditors.

Options :

A : One year ; Extended to two years; 2005; 10 years

B : Two years; Reduced by one year; 2005; 10 years

C : One year; Extended to two years; 2008; 15 years

D : Two years; Reduced by one year; 2008; 15 years

Answer: A

Question 4

As per ______________ of Income Tax Act every member of the HUF before partition shall be jointly and severally liable for the tax on the income assessed of the HUF

Options :

A : Section 171[6]

B : Section 171[1]

C : Section 174[6]

D : Section 174[1]

Answer: A

Question 5

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

Options :

A : (i) only

B : (ii) only

C : Both are correct

D : Both are incorrect

Answer: B