Advertisements
Advertisements
प्रश्न
Statement I: The Joint Hindu family business refers to a business which is owned by members of a Joint Hindu family.
Statement II: The Joint Hindu family form of business is one in which the family possesses some inherited property.
पर्याय
Only I is correct.
Both I and II are correct.
Only II is correct.
Both I and II are wrong.
Advertisements
उत्तर
Both I and II are correct.
Explanation:
The Joint Hindu family business is a unique form of business owned and managed by members of a Joint Hindu family. The law of succession creates it and governs a business in which the family holds inherited property. Members inherit ancestral property from their parents or grandparents, and three successive generations can own it simultaneously. This property forms the capital of the business. All family members having a share in the family property are known as coparceners, and the eldest member, called the karta, manages the business.
