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Which of these statements is not true with respect to a Joint Hindu Family Business?
- a)Coparcener is liable only to the extent of his share in the family property
- b)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of law
- c)Death of a coparcener does not dissolve the Joint Hindu Family firm
- d)It can have female members
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Which of these statements is not true with respect to a Joint Hindu Fa...
To determine which statement is not true with respect to a Joint Hindu Family Business, let's analyze each statement:
It can have female members:
- This is true. As per the Hindu Succession (Amendment) Act, 2005, daughters are recognized as coparceners and have the same rights as sons in the Joint Hindu Family property.
A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of law:
- This is true. A Joint Hindu Family business is created by the birth of a male member into the family and not by an agreement between parties.
Death of a coparcener does not dissolve the Joint Hindu Family firm:
- This is true. The death of a coparcener does not dissolve the Joint Hindu Family business; it continues with the remaining members.
Coparcener is liable only to the extent of his share in the family property:
- This is not true. In a Joint Hindu Family Business, the liability of the coparceners is typically unlimited. This means that the personal property of the coparceners can also be used to settle the debts of the family business.
Therefore, the statement that is not true with respect to a Joint Hindu Family Business is:
- Coparcener is liable only to the extent of his share in the family property.
Most Upvoted Answer
Which of these statements is not true with respect to a Joint Hindu Fa...
Introduction:
A Joint Hindu Family Business is a type of business organization that is formed by the members of a joint Hindu family. It is governed by the Hindu Succession Act, 1956. This type of business has certain unique characteristics and rules that differentiate it from other forms of business organizations.
Explanation:
1. Female members:
Contrary to the statement, a Joint Hindu Family Business can have female members. According to the Hindu Succession Act, 1956, female members, including daughters, wives, and mothers, are considered coparceners and have equal rights and liabilities in the family business. The amendment to the Act in 2005 further strengthened the position of female coparceners by granting them equal rights in the ancestral property. Therefore, female members can actively participate in the management and decision-making of the business.
2. Basis of formation:
A Joint Hindu Family Business arises on the basis of status, i.e., birth or by operation of law. It is formed automatically when a person is born in a Hindu family that follows the customs of joint family. It does not require any formal registration or agreement. However, the family can choose to register the business under the Partnership Act, 1932, to avail certain benefits and legal recognition.
3. Dissolution on death of coparcener:
Contrary to the statement, the death of a coparcener does not dissolve the Joint Hindu Family Business. The business continues to exist and is carried on by the surviving coparceners. The share of the deceased coparcener is transferred to the surviving coparceners, and they continue to jointly manage and operate the business. The death of a coparcener only affects the distribution of profits and liabilities among the surviving coparceners.
4. Liability of coparceners:
The statement is true. A coparcener in a Joint Hindu Family Business is liable only to the extent of his share in the family property. The liability of a coparcener is limited to the assets of the business and his personal assets are not at risk. This means that if the business incurs any debts or liabilities, the creditors can only recover the dues from the family property and not from the personal assets of the coparceners.
Conclusion:
In conclusion, the statement that a Joint Hindu Family Business cannot have female members is not true. Female members have equal rights and liabilities in the business. The other statements are true, including the basis of formation, the continuation of the business after the death of a coparcener, and the limited liability of coparceners.
A Joint Hindu Family Business is a type of business organization that is formed by the members of a joint Hindu family. It is governed by the Hindu Succession Act, 1956. This type of business has certain unique characteristics and rules that differentiate it from other forms of business organizations.
Explanation:
1. Female members:
Contrary to the statement, a Joint Hindu Family Business can have female members. According to the Hindu Succession Act, 1956, female members, including daughters, wives, and mothers, are considered coparceners and have equal rights and liabilities in the family business. The amendment to the Act in 2005 further strengthened the position of female coparceners by granting them equal rights in the ancestral property. Therefore, female members can actively participate in the management and decision-making of the business.
2. Basis of formation:
A Joint Hindu Family Business arises on the basis of status, i.e., birth or by operation of law. It is formed automatically when a person is born in a Hindu family that follows the customs of joint family. It does not require any formal registration or agreement. However, the family can choose to register the business under the Partnership Act, 1932, to avail certain benefits and legal recognition.
3. Dissolution on death of coparcener:
Contrary to the statement, the death of a coparcener does not dissolve the Joint Hindu Family Business. The business continues to exist and is carried on by the surviving coparceners. The share of the deceased coparcener is transferred to the surviving coparceners, and they continue to jointly manage and operate the business. The death of a coparcener only affects the distribution of profits and liabilities among the surviving coparceners.
4. Liability of coparceners:
The statement is true. A coparcener in a Joint Hindu Family Business is liable only to the extent of his share in the family property. The liability of a coparcener is limited to the assets of the business and his personal assets are not at risk. This means that if the business incurs any debts or liabilities, the creditors can only recover the dues from the family property and not from the personal assets of the coparceners.
Conclusion:
In conclusion, the statement that a Joint Hindu Family Business cannot have female members is not true. Female members have equal rights and liabilities in the business. The other statements are true, including the basis of formation, the continuation of the business after the death of a coparcener, and the limited liability of coparceners.
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Which of these statements is not true with respect to a Joint Hindu Fa...
as there are only family members
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Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer?
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Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer?.
Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of these statements is not true with respect to a Joint Hindu Family Business?a)Coparcener is liable only to the extent of his share in the family propertyb)A Joint Hindu Family firm arises on the basis of status i.e. Birth or by operation of lawc)Death of a coparcener does not dissolve the Joint Hindu Family firmd)It can have female membersCorrect answer is option 'A'. Can you explain this answer?.
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