Table of Contents
- 1 Which two systems govern membership in joint Hindu family business explain?
- 2 What are the 2 conditions are required of joint Hindu family business?
- 3 What is the meaning of HUF?
- 4 What is Joint Hindu Family system?
- 5 How is membership acquired in a Joint Hindu Family?
- 6 What is HUF and explain its features?
Which two systems govern membership in joint Hindu family business explain?
(1) Dayabhaga system: This system prevails in West Bengal and allows both male and female members of the family to be co-parceners. (2) Mitakashara System: This system prevails all over India except West Bengal and allows only male members to be co-parceners in the business.
What are the two types of joint Hindu family business?
The business ventures of such a family model are strictly controlled by the Hindu Law, which is made up of two components, the Dayabhaga and the Mitakshara. The Dayabhaga system is widely followed in West Bengal and Assam, wherein, both male and female members of the family are allowed to be co-parceners.
What are the 2 conditions are required of joint Hindu family business?
1. It requires a minimum of two members. 2. Members should have some ancestral property.
What are two different types of systems on the basis of which a Hindu undivided family business operates *?
Solved Question for You
- Dayabhaga System: Here both male and female members will be co-parceners in the Hindu Undivided Family.
- Mitakashara System: Here only the male family members are admitted into the HUF, the female members have no share.
What is the meaning of HUF?
Hindu Undivided Family
Hindu Undivided Family (HUF) 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.
What do you understand by joint Hindu family business explain any two features of HUF business?
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 Joint Hindu Family system?
In the case of Surjit Lal Chhabra 101 ITR 776 SC, joint family and undivided family are synonymous: “A joint Hindu family consists of persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
What is the basis of membership in the Joint Hindu Family business?
The answer given by sheena is correct. The basis of membership in a Joint Hindu Undivided Family is birth in that particular family and three successive generation can be members in the business of Joint Hindu Undivided Family.
How is membership acquired in a Joint Hindu Family?
The business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act. 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.
Which law governs the Hindu undivided family business?
It is governed by the Hindu Succession Act, 1956.
What is HUF and explain its features?
Hindu Undivided Family business is a precise kind of business structure found only in India. The business is managed by the head of the family (eldest member) and he is called Karta. However, all the members hold equal ownership over the property of an ancestor and they are called as co-parceners.
Who is member of HUF?
Hindu Undivided Family (HUF) consists of all persons directly descended from a common ancestor, and also the wives and daughters of the male descendants. For instance, you and your spouse along with your two children can create an HUF and get certain relaxation in computation of taxes.