The property owned and managed by the HUF is called coparcenary property. The concept of coparcenary property originated from the Hindu law of inheritance, which provides for the devolution of property from one generation to another.

Initially, only male members of the family were considered coparceners, but in 2005, the Hindu Succession (Amendment) Act granted daughters equal rights in coparcenary property. This means that daughters are now considered coparceners in their own right and have the same right and liabilities in coparcenary property as sons, including the right to own, manage and dispose of the property.

The coparcenary property is inherited by the male and female members of the HUF in the following manner:

• 1. Survivorship: When a coparcener dies, his/her share in the property passes on to the surviving coparceners in equal proportion.
• 2. Testamentary disposition: A coparcener can also dispose of his/her share in the coparcenary property through a Will.
• 3. Partition: The coparceners can also decide to partition the property among themselves, either by mutual agreement or through a court order.