What is Hindu Undivided Family and how is it taxed?1 min read 27 Jun 2018, 10:43 AM IST
An HUF is taxed on the same slab rates that are applicable to an individual income tax assessee
An HUF is a family which consists of all persons lineally descended from a common ancestor, and also the wives and daughters of the male descendants. It consists of the karta, who is typically the eldest person or head of the family, while other family members are coparceners. The karta manages the day-to-day affairs of the HUF. Children are coparceners of their father’s HUF. Once a daughter gets married, she becomes a member of her husband’s HUF, while continuing to be a coparcener of her father’s HUF. Even Jain, Buddhist and Sikh families can have HUFs.