Tag: introduction to huf

Questions Related to introduction to huf

Who has the power to transfer the joint property of HUF so as to bind the interest of both adult and minor coparceners?

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Son's of the HUF

  2. Daughters of the HUF

  3. All the co-parceners of HUF

  4. Karta of HUF

Show answer
Correct Option: D
Explanation:

The joint Hindu Family Business is normally managed by the senior member of the family and he is known as Karta. All the necessary powers, rights and responsibility to carry on the business is in the hands of the Karta.

The affairs of business are managed by the head of the family, who is known as the________.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. KARMA

  2. KARTA

  3. KARMAVIR

  4. KARVIR

Show answer
Correct Option: B

The HUF form of business all the members of a hindu undivided family own the business ________.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Individually

  2. Separately

  3. Jointly

  4. With society

Show answer
Correct Option: C

The Hindu Undivided Family business is governed by ____________.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Contract law

  2. Hindu law

  3. Muslim law

  4. Company law

Show answer
Correct Option: B

Hindu Undivided family is formed or created in accordance with the __________.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Indian Companies Act

  2. Indian Partnership Act

  3. Hindu Law

  4. None of the above

Show answer
Correct Option: C

In HUF business, all the members own the business jointly.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Partly true

  2. True

  3. Partly false

  4. False

Show answer
Correct Option: B

In a Hindu Undivided Family business only the ________ get a share in the business by virtue of their being part of the family.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Female members

  2. Male members

  3. Both (A) and (B)

  4. Either (A) or (B)

Show answer
Correct Option: B

Statement X :
Karta is the custodian of the income and assets of the HUF
Statement Y:
An adopted son who is the eldest in the family can be qualified to be a Karta of HUF.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. X is true but Y is false

  2. Y is true but X is false

  3. Both X and Y are false

  4. Both X and Y are true

Show answer
Correct Option: D

Member in HUF other than KARTA are called as _______________.

organization of commerce and management joint hindu family business and cooperative society cooperative organisation features, organisation, advantages and disadvantages of cooperative organisation introduction to huf

  1. Co-parceners

  2. Co-partners

  3. Co-manager

  4. Co-karta

Show answer
Correct Option: A

Identify which statement is true and which is false?
$1.$ Any person can become member of HUF.
$2.$ In a HUF business, in the event of death of any of the co-parcener, his wife can claim share of profit.
$3.$ In a HUF business, the liability of the karta is Unlimited.
Select the correct answer from the options given below.

organization of commerce and management ownership structures - sole proprietorship and joint hindu family business hindu undivided family business introduction to huf joint hindu family business

  1. $2$ and $3$

  2. $1$ and $3$

  3. $3$ and $2$

  4. None of above

Show answer
Correct Option: A