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What is intestate succession?
What are the types of domiciles?
Can a person have more than one domicile?
The original domiciles of a legitimate child and illegitimate child will depend on the domiciles of _____.
A and B are brothers having the same father. How A & B are related to each other?
C and D are cousins having the same paternal grandfather Z. How C & D are related to each other?
How is movable and immovable property of an intestate dealt with ____?
What is the truth regarding succession certificate except?
What is the preferred order considered while appointing an administrator under Letters of Administration?
Which of the following statements are correct in the context of gifting an immovable property?
A. In case of gifting of immovable property (i.e., land or building), the recipient would be required to pay income tax if the stamp duty value of the property exceeds Rs 50,000 and such property is received without adequate consideration.
B. Any inadequate consideration received wherein the difference between the consideration and stamp duty value exceeds higher of Rs 50,000 and 5 percent of consideration, such difference shall be taxed in the hands of the recipient.
Which of the following statements is false?
A. In the case of Christians, the laws of the Indian Succession Act, 1925 is applicable to both testamentary and intestate succession.
B. The Indian Succession Act, 1925 is applicable to laws relating to testamentary succession in the case of Sikhs. However, in the case of intestate succession of Sikhs the Hindu Succession Act, 1956 is applicable.
Which of the following statements is false?
1. Testamentary succession is the succession in which the property is transferred as per the Will made by the person after his death.
2. Intestate succession is when a person holding the ownership of the property passes away without making any proper will.
Mr. X gifted land to his friend for Rs. 1.50 lakhs. The stamp duty value is Rs. 4 lakhs. What is the taxable value of the gift?
Personal law will be applicable on property owned by Hindus who married under the Special Marriages Act, 1954:
When will someone be related to others as a Full Blood Heirs?
When will someone be related to others as a Half Blood Heirs?
When someone will be related to others as a Uterine Blood Heirs?
Class-1 Heirs as per HSA Act, 1956 includes except:
Class-1 Heirs as per HSA Act, 1956 includes except:
A person is an “____” of another person if the two are related by blood or adoption wholly by males.
A person is a “____” of another person if the two are related by blood or adoption but not wholly through males.
For an entity to be taxed as an HUF it should have at least ____ coparceners.
Under Shia Law a testator can only dispose of the _____ to an heir or a complete stranger (non-heir) without the consent of heirs.
Under Shia Law the bequest will not take effect only when the death of the testator has been caused:
What is Testamentary Succession?
Person who writes a Will is called _____.
Who can write a Will?
What is true about codicil except?
An executor appointed may be:
What are the criteria to appoint an Executor?
If the person died without a Will or the Will did not appoint executors, court appoints ______.
______ refers to a copy of the Will that is certified by the seal of a court of competent jurisdiction.
To whom Probate cannot be granted?
The critical difference between Probate and Letter of Administration is ? :
What does Animus Testandi mean?
The testator bequeaths a property to Arjun. Arjun dies before the testator; the legacy lapses and forms part of the residue of the testator’s property. This is an example:
A transfers property to X for life and then to X’s unborn daughter absolutely when she attains the age of 25 years. X’s daughter was born in 1950 and X died in 1967. The transfer is void because:
A bequeaths her house to X on the condition that X will pay for the education of her surviving children. X refuses to perform this obligation and therefore will not receive the house bequeathed to her:
I give £100 from my current account with X bank to my nephew. It’s an example of :
I give my House to A. It’s an example of:
If the intestate has left a widow and lineal descendants under the ISA Act, 1925,What is true regarding ?
What is the difference between bequest and inheritance?
Which of the following statements are True?
(A) Contingent/Conditional Wills: Execution of these wills are dependent on happening of an event and if that event occurs in the future only then the will is to become effective
(B) Holograph Wills: Wills which are handwritten by the testator himself are known as Holographic Wills.
Wills are those that can be made by members of the armed forces employed in an expedition or engaged in actual warfare:
Privileged Wills are normally:
A normal Will satisfying all conditions is also called:
Will comes into effect in case of an event satisfying the conditions mentioned:
______ are basically written by a person who has two or more Wills having the instruction about the disbursal of property.
A Will generally executed by two husband & wife who mutually agree, on certain terms and conditions, and confer reciprocal benefits upon each other is called ____.
A Will which is irrevocable when one of the testators dies and it becomes binding on the other(s):
Wills that are hand written by the person making the Will are called ____.
Holographic Wills need not to witnessed or notarized:
Any person above the age of ____ can make a Will with a sound mind capable of understanding his/her actions and is free from any undue influence.
An arrangement where two or more people share ownership rights in a property or parcel of land is called ____.
The tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate _____.
While the percentage owned varies, no individual may claim ownership to any specific part of the property in Tenancy in Common.
______ refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations.
In Joint tenancy if one owner dies, their interest in the property is directly passed on to the _____.
Joint tenancy eliminates the need for probate or the transfer of a deceased person’s assets to an estate.
The Joint tenancy also means owners are equally responsible to pay for the property including ____.
An account where there are two account holders, each of whom may operate it is called _____.
If you want your father, mother and spouse to be able to access and operate your bank account then which is the best option?
In which type of account only the second account holder (second applicant) can operate the account only on death of the primary holder (first applicant)?
In which type of account, the primary/first account holder can operate the account only on death of the secondary account holder?
In which type of account, all the transactions need to be signed and mandated by all the account holders?
KYC requirement for minor bank account includes:
A maximum of _____ person can jointly hold a single investment account in mutual fund.
Can minors be joint holders of units in Mutual Funds?
In case of a joint mutual fund, who will stand to claim the tax benefits ?
If there are no joint holders in mutual funds then units would be transmitted to the ______.
Shares of a deceased share holder are inherited or bequeathed to an heir or personal representative of the deceased shareholder is called _____.
Documents required for transmission of shares are _____.
______ occurs due to insolvency, death, inheritance or lunacy of the member whereas _____ is done voluntarily.
_____ section of the insurance act, 1938 deals with nomination of life insurance policy.
As per new rule in the insurance laws (amendment) act, 2015, death benefit will be paid to beneficial nominees and not to any other legal heirs, irrespective of anything.
Even though one can nominate distant relatives or even friends, it violates which principal of insurance?
Can a nominee be minor in a Life Insurance Policy?
You are meeting with your client who will be a grantor to a trust. You are helping to assess the specific needs of the beneficiaries and the constraints of trusts to meeting the estate planning goals. Your client wants to give up all rights, title, and interest in the trust corpus and wants to know more about the tax implications. Which of the following most likely meets the specific needs of both the grantor and the beneficiaries?
If an immovable property above the value of INR ____ is to be gifted, the instrument of gift is required to be compulsorily registered.
When the transfer of asset takes place between two living people it is called ____.
At the time of making a gift, the donor must be:
Which are the essentials of a valid gift:
In the case of ____ property gifted, registration is optional.
Onerous gifts refer to:
A person who creates a trust of property owned by him is called:
Which act governs a Private Trust?
The person who forms a trust determines _____.
Can a minor also become a settlor?
Who has to manage the property of the trust?
Private trust in respect of an immovable property can be created by _____.
In the case of an irrevocable trust, what is true regarding termination?
If a Private trust is formed through a Will, then it can be revoked _____.
Where trustee has discretion to decide on distribution of income and corpus of the trust?
If trust is created with a written deed, it is called _____.
In case beneficiaries are public at large viz. charitable or religious trust these are
Public trust is also covered under Indian Trust Act, 1882.
A Non-discretionary trust (having profit & gain from business) will be taxed at ____.
For a special child with disabilities what can be the best way to pass the assets?