What are the unique qualities of Hindu joint family?

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 business of Joint Hindu Family is controlled under the Hindu Law instead of Partnership Act.

What are the characteristics of joint family give examples?

Joint family exhibits several Characteristics:

  • Large size: The joint family is large in size. …
  • Common residence: The members of joint family usually live under the same roof. …
  • Common kitchen: ADVERTISEMENTS: …
  • Joint property: …
  • Common worship: …
  • Blood relationship: …
  • Common organization: …
  • Familistic organization:

What are the disadvantages of joint Hindu family?

Disadvantages of Joint Hindu Family Business:

  • Limited Membership: The membership of the business is limited to the members of family only. …
  • Limited Sources of Capital: The capital is limited only upto the resources of one family. …
  • Limited Managerial Skill: …
  • Unlimited Liability: …
  • Misuse of Power:
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What do you mean by Hindu joint family?

A Hindu undivided family or HUF is a legal term related to the Hindu Marriage Act. … 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.

Who becomes Karta in joint Hindu family?

The senior-most male member of the Joint Hindu Family is considered as the Karta of family and he has infinite powers and control over the business. But the main drawback is the unlimited liability associated with the position i.e. his personal assets can be used to payoff the debts, if need arises.

What is the role of Karta in joint Hindu family?

A Karta is the head of the family who directs the affairs of the family and has decision-making powers on behalf of the HUF. A Karta is the most senior member of the family is like the manager of the joint Hindu family.

What are the characteristics 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 are the merits and demerits of joint family?

Merits and Demerits of Joint Family System in India (1572 Words)

  • Division of Labour: Joint family secures the advantages of division of labour. …
  • Economy in Expenditure: …
  • Protection from Division of Land: …
  • Social Security: …
  • Satisfaction of Basic Needs: …
  • Rearing of Children: …
  • Social Virtues: …
  • Social Control:
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What is the merits and demerits of joint Hindu family business?

Unlimited Liability of Karta: The karta has power but he is burdened not only with the responsibility of decision making and management of the business, but also suffers from the disadvantage of having unlimited liability. His personal property can be used to repay business debts.

What are called joint family?

: a consanguineal family unit that includes two or more generations of kindred related through either the paternal or maternal line who maintain a common residence and are subject to common social, economic, and religious regulations.

What are the 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.

What is the importance of joint family?

Joint family helps foster love within a family so that people can be closer to each other for the good of the family. It also helps foster unity as living together means that they have to work together with the goal of a sustainable coexistence.

Chants of India