Question 1

Mrs. Meghana, a Hindu woman died without making a Will. She has left behind self-acquired property as well as property which she had got from her parents. Mrs. Meghana is survived by her husband and two children. According to the Hindu succession act 1956, how the whole property will be distributed and to whom it belongs?

Options :

A : Meghana-s husband and two children have equal rights (one-third each) on her self-acquired property

B : elf-acquired property as well as property which she had got from her parents shall be distributed in equal ratio to her husband and two children

C : Mrs. Meghana-s property which is acquired from her parents shall be distributed to her two children in equal ratio. Her husband does not have a right on such property

D : Both A and C of the above

Answer: D

Question 2

What is the quantum of deduction allowed u/s 80U?

Options :

A : Rs. 40,000

B : Rs. 75,000

C : Rs. 60,000

D : Rs. 55,000

Answer: D

Question 3

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 4

What are the advantages of 100% book building?

Options :

A : Marketing of issue to wholesale bidders work out cheaper

B : Issue can be completed in single stage

C : Time lag between pricing and listing is less

D : All of the above

Answer: D

Question 5

How many members are needed to form a society?

Options :

A : One single person

B : Two or more

C : Five or more persons

D : Seven or more

Answer: C