Investment Adviser (Level 2) Free Demo Test 10

1 / 10

Rishi wants to know if he can withdraw from his Employees’ Provident Fund to buy a larger house. He has been in service for 12 years.

a) No, as he has not been a member of the fund for more than 10 years

b) Yes, as he has been a member of the fund for more than 3 years

c) Yes, as he has been a member of the fund for more than 5 years, and provided he purchases the house in his own name or in his wife's name

d) Yes, as he has been a member of the fund for more than 5 years, provided he purchases the house in his own name or jointly with his wife

2 / 10

2. Loss from business or profession cannot be set off against

a) Salary

b) Capital Gains

c) Profit from Business or Profession

d) Loss from House Property

3 / 10

The regulations mandate that at least _________ of the accumulated corpus in the NPS account must be utilized to purchase an annuity upon retirement.

a) 60%

b) 30%

c) 50%

d) 40%

4 / 10

Which of the following represents a financial goal?

a) A sizable sum needed to buy a new car in two years time

b) Rs.5 lakhs needed after two years to pay childs tuition fees

c) Rs.6 lakhs required for sisters wedding

d) Rs. 10 lakhs needed for purchasing a flat

5 / 10

What happens when you choose a lower credit-rated debt instrument for the sake of higher interest income?

a) Higher default risk

b) Higher ability to service debt

c) Lower liquidity risk

d) Higher income security

6 / 10

Under PMVVY, the income is guaranteed for the period of ___________.

a) 5 years

b) M20 years

c) 15 years

d) 10 years

7 / 10

Short-term capital loss can be set off against __________.

a) Cannot be set off against any other gain

b) Short term capital gain

c) Long term capital gain

d) Both 1 and 2 are True

8 / 10

Investing in long-term debt funds is sensible in a declining interest rate scenario. State True or False.

a) True

b) False

9 / 10

Dinakaran, who is an NRI, purchased a house on 20th Jan 2013 and later sold the house to Shyam on 20th Dec 2014 at a profit of Rs. 400,000. What type of capital gain has Dinakaran incurred?

a) Short Term Capital Gain

b) Long Term Capital Gain

c) Income tax officer will decide in case of NRI

d) Medium Term gain

10 / 10

10.

It is the responsibility of the securitization trust to deduct tax when distributing income to its investors under _______ of the Income Tax Act.

a) Section 164DBC

b) Section 124EAC

c) Section 194LBC

d) Section 154DDA

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Investment Adviser (Level 2) Free Demo Test 10

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