AAFM Exam GLO_CWM_LVL_1 Topic 1 Question 67 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 67
Topic #: 1

A Family consists of karta, his wife four sons and their wires and children and its income is Rs. 1000000 if by family arrangement income yield property is settled on karta his wife and sons & daughter in law than tax liability would be

ANil

B100000

CCalculated as per income tax Act 1961

DNone of the above

Show Suggested Answer

Suggested Answer: C

by Donte at Oct 03, 2023, 04:41 AM

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Tamra

2 months ago

Wait, wait, wait... Did you say 'karta'? Is this a family business or a cult? I feel like I need to consult the Bhagavad Gita before answering this one!

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Murray

21 days ago

C: Calculated as per income tax Act 1961

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Gerald

1 months ago

B: 100000

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Rossana

1 months ago

A: Nil

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Leota

2 months ago

C, definitely C. The Income Tax Act 1961 would be the governing law, and the tax liability would be calculated accordingly. Easy peasy, lemon squeezy!

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Sheron

2 months ago

I'm going to have to go with D. None of the above. There's too much ambiguity in the question to determine the correct answer with certainty.

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Yen

28 days ago

D: I'm not sure, but I still think it's best to go with option C.

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Tom

1 months ago

C: But what about the family arrangement income yield property? Wouldn't that affect the tax liability?

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Josephine

2 months ago

B: I agree, it seems like the most logical option.

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Paulene

2 months ago

A: I think the tax liability would be calculated as per income tax Act 1961.

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Reid

2 months ago

Hmm, I'm not so sure. Shouldn't the answer be A? If the property is settled on the family members, then wouldn't the income be considered as the family's and thus, the tax liability should be nil?

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Glen

2 months ago

B) 100000

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Alethea

2 months ago

I think you're right. Since the property is settled on the family members, the tax liability should be nil.

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Tegan

2 months ago

A) Nil

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Chery

2 months ago

I'm pretty sure the answer is C. The income tax liability should be calculated as per the Income Tax Act 1961 when the property is settled on the family members through a family arrangement.

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