Explanation:

About Mitakshara School of Hindu Law: The term Mitakshara is derived from the name of a commentary written by Vijnaneswara, on the Yajnavalkya Smriti. It is observed in all parts of India and subdivided into the Benares, the Mithila, the Maharashtra and the Dravida schools.

• a son, by birth acquires an interest in the ancestral property of the joint family
• All the members enjoy coparcenary rights during the father’s lifetime
• A coparcener’s share is not defined and cannot be disposed of.
• A wife cannot demand partition but has the right to a share in any partition between her husband and her sons.

About Dayabhaga School of Hindu Law: The term Dayabhaga is derived from a similarly named text written by Jimutavahana. It is observed in Bengal and Assam. As per it, 

• a son has no automatic ownership right by birth but acquires it on death of his father.
• Sons do not enjoy coparcenary rights when the father is alive.
• The share of each coparcener is defined and can be disposed of.
• Here, the same right does not exist for the women because the sons cannot demand partition as the father is the absolute owner.

Hence option 4th is correct.