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Definition | : | Hindu Undivided Family |
Category | : | Governmental » Rules & Regulations |
Country/ Region |
: | India
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Popularity | : |
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Type | : |
Initialism
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Hindu Undivided Family (HUF) is a family unit under Hindu law that is treated as a separate entity for the purpose of income tax assessment.
HUF consists of all persons lineally descended from a common ancestor, and includes their wives and unmarried daughters.
Note:
In India, there is a culture of joint families where multiple sources of income often arise for the family as a whole rather than a specific individual. In such cases, the income earned by the HUF is taxed as a separate entity and not in the hands of any individual family member.
To facilitate the taxation process, a separate Permanent Account Number (PAN) card is allotted to the HUF.
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The full form of HUF is Hindu Undivided Family