What is the features of joint Hindu family?
There is no limit on membership because the membership is by birth. (4) Management: The head of the family has full responsibility of the management of Joint Hindu Family Business. He is free to take any decision without any interference of any co-parceners but he can take advice and help from the family members.
What are the two system of joint Hindu family?
There are two systems which govern membership in the family business, viz., Dayabhaga and Mitakashara systems.
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:
Which are the two system of inheritance in joint Hindu family business?
(2) The modes of devolution of property are recognised under Mitakshara system, namely, survivorship and succession. Joint family property devolves by survivorship and the property held in absolute severalty by the last owner is governed by the rule of succession.
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 are the features of joint family?
Joint family has the following features or characteristics.
- (1) Large in Size:
- (2) Joint Property:
- (3) Common Kitchen:
- (4) Common Residence:
- (5) Common Worship:
- (6) Similar rights and obligations:
- (7) Close blood ties:
- (8) Absolute power of the head:
What do you mean by Hindu joint family?
Joint family is a fundamental aspect of Hindu Law in which the concept of joint family is where their common ancestor and his male lineal descendants along with other members such as wives, daughters, unmarried persons who stay together under one roof sharing everything in common.
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 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.
What are the two types of joint family?
According to Gore, joint family is of three types:
- Filial joint family (parents and their married sons with their offspring),
- Fraternal joint family (two married brothers and their children) and.
- Filial and fraternal (combined) joint family.
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.