Free Practice AAFM CWM_LEVEL_1 Exam Questions 2025

Stay ahead with 100% Free Chartered Wealth Manager (CWM) Certification Level 1 Examination CWM_LEVEL_1 Dumps Practice Questions

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Total 138 Questions | Updated On: Apr 23, 2025

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Question 1

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

A : Rs. 40,000

B : Rs. 75,000

C : Rs. 60,000

D : Rs. 55,000

Answer: D

Question 2

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?

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 3

How many members are needed to form a society?

A : One single person

B : Two or more

C : Five or more persons

D : Seven or more

Answer: C

Question 4

What is the amount of deduction in relation to Tea, Coffee and Rubber development account u/s 33AB of Income Tax Act?

A : 20% of profits of such business

B : 40% of profits of such business

C : 60% of profits of such business

D : 100% of profits of such business

Answer: B

Question 5

A person is said to be Agnate of another if the two of them are

A : Related by blood or adoption entirely or wholly through males

B : Related by blood or adoption entirely or wholly through females

C : Related by blood or adoption entirely or wholly through their relatives

D : Related by blood or adoption entirely or wholly through the guardian other than family member

Answer: A

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Total 138 Questions | Updated On: Apr 23, 2025

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