Question

Statement I: All the male members of a Joint Hindu family business are known as coparceners.

Statement II: The oldest member is known as Karta.

Options

• Only I is correct.

• Both I and II are correct.

• Only II is correct.

• Both I and II are wrong.

Answer 1

Only II is correct.

Explanation:

1. Statement I is incorrect because not all male members of a Joint Hindu family business are necessarily coparceners after the 2005 Hindu Succession (Amendment) Act. Now, both male and female members can be coparceners or joint legal heirs in the family business, having equal rights to inherit ancestral property.
2. Statement II is correct, as the oldest member of the family is known as the Karta, who manages the business and assumes unlimited liability. The Karta can be either male or female as per the amendment.

Thus, only Statement II is correct because “The oldest member is known as Karta”, while Statement I is partially outdated as it excludes females from coparcenary rights.