Chartered Wealth Manager® (CWM®) Certification Level 1 Examination
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88 questions in this view
Section B - 2 Marks
What would be the interest rate applicable to a balance in a discontinued PPF account, not revived by the account holder before its maturity?
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Section B - 2 Marks
Mr. Roy retired on 09-03-2021 from a private company after serving a tenure of 32 years and 10 months of service. He was entitiled to 25 days leave for each completed year of service. He availed 10 months leave during his service life. His basic pay was Rs.12,000 p.m. from 01-04-2020 and DA @ 50% of basic pay. He recieved Rs. 3,00,000 for leave encashment. Estimate the amount of leave salary to be taxed for the AY 2021-22
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Section B - 2 Marks
Your client creates a Specific irrevocable trust in the name of his children and another Discretionary irrevocable trust in the name of his aging parents. If a creditor put forward his claim after the death of your client, which one would be exercised?
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Section B - 2 Marks
For an approved superannuation fund, Amount is withdrawn if any by the employee at the time of change of job is taxable under which head?
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Section C - 4 Marks
Nitin is an employee in Delhi and is earning Rs. 50,000 p.m as salary. In the previous year 2020-21 he received one monthly salary as a performance bonus apart from his regular salary. He is given an option by the employer, either to accept HRA or a rent-free accomodation which is owned by the employer. HRA is payable @Ra. 10,000 p.m., while rent for accomodation in Delhi is Rs. 12,000 p.m. Estimate his tax liability if he accepts HRA and suggest whether it is beneficial for him.
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Section C - 4 Marks
Mr. Vasudev has one son (Ajith) and two daughters. Recently he died intestate. He is survived by his mother, wife, two daughters and two granddaughters (Ajith's daughters). Ajith died before Vasudev. According to the "Per Stirpes" distribution under the Hindu succession Act, how much share do they get?
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