Question

Mr. Aggarwal owns an ancestral house in Shimla.  On the advise of his friend he converts it into a lodge with renovation.  The revenue from the lodge helps to supplement his income substantially.  On his death the property is inherited by his three sons in order of their age namely Lakshaym Luv and Lok who carry on with the business under the form of Joint Hindu Family Business. In context of the above case:

a.  Name the law which governs the Joint Hindu Family Business.

b. Who amongst the three brothers has the right to exercise control over the family business?

c. Comment upon the liability of the three brothers.


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Answer 1

Answer:

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