What are the types of joint Hindu family?
Pauline Kolenda presents the following types of joint family on the basis of the relatives who are its members.
- a) Collateral Joint Family:
- b) Supplemented Collateral Joint Family:
- c) Lineal Joint Family:
- d) Supplemented Lineal Joint Family:
- e) Lineal Collateral Joint Family:
What are the advantages of joint Hindu family?
Merits of Joint Hindu Family Firm:
- Stability: The existence of the Joint Hindu Family firm does not come to an end by the death, insanity, or bankruptcy of any coparcener.
- Management: The organisation, management, and control of the business is vested in the karta of the family. …
- Liability: …
- Membership: …
- Credit worthiness:
What is called joint family?
A joint family (also undivided family, joint household, extended family system) is a large undivided family where more than one generation live together in a common house. A joint family is a form of family where the grand-parents, father, mother, and children live unitedly under one roof.
Who comes under Hindu undivided family?
HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.
What are the merits and demerits of Joint Hindu Family?
Family members become co-parceners in the firm by virtue of their birth in the family. Moreover no registration is required for a Joint Hindu Family firm respect of minimum or maximum members. Prompt Decision: -The Karta has complete control over his business. He takes all the business decisions.
What is the disadvantage of Joint Hindu Family business?
Demerits of Joint Hindu Family Business: Limited Resources: The capital is limited only up to the resources of one family. No outside members other than family members can be introduced to the HUF. Thus the joint Hindu family business faces the problem of limited capital as it depends mainly on ancestral property.
Why is the joint Hindu family unique?
Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members. … The membership in this form of business organisation can be acquired only by birth or by marriage to a male person who is already a member of Joint Hindu Family.
What is Coparcenary under Hindu law?
Coparcenary is a term used in matters related to Hindu Succession Law. It refers to a person who has the capacity to assume a legal right in his ancestral property by birth. It means ‘unity of title, possession and interest’.