The document discusses the development of the two main schools of Hindu law - the Mitakshara school and Dayabhaga school. It notes that the schools emerged from commentaries on ancient Hindu law texts (smritis) by different scholars. Over time, the commentaries incorporated local customs and practices, leading to differences between the schools. The key differences between the Mitakshara and Dayabhaga schools relate to concepts like joint family property, rights of family members, inheritance principles, and the doctrine of factum valet. However, under modern Hindu law as governed by statutes like the Hindu Succession Act, differences between the schools no longer apply.