Hindu Undivided Family
Also written HUF · Hindu Undivided Family (HUF)
One of the categories of person liable to income tax, alongside individuals, Associations of Persons, Bodies of Individuals, corporate firms, companies, local authorities and other artificial juridical persons that…
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Written up from the same chapter
- Central KYC RegistryThe Government's central digital store of KYC records for the whole financial sector, operated by CERSAI, which de-duplicates records and issues each client a unique KYC Identifier.
- KYC Registration AgencyA SEBI-created agency that holds an investor's verified KYC record centrally, so that one KYC completed with any securities market intermediary works with all the others.
- NominationThe account holder's written direction naming who receives the securities on death — up to ten nominees for a demat account, with percentages that must total 100, mandatory for single holdings.
- Officially valid documentsThe alternatives to Aadhaar accepted as identity evidence for KYC — driving licence, passport, voter ID and the NREGA job card — all of which the client supplies voluntarily.
- Power of AttorneyA legal document by which you authorise somebody else — often your stock broker or depository participant — to operate your demat and bank account on your behalf. It is optional, and revocable.
- Section 80CThe income-tax deduction for money put into life insurance, provident fund, ELSS, five-year bank deposits, NPS Tier 1, NSC and home-loan principal, capped in aggregate at Rs 1,50,000 a year.
Where this is taught
- Series II-B · Chapter 12: Investors in Mutual Fundsintroduced here
- Series SEBI-ICE · Chapter 10: Tax Saving Optionsintroduced here
Related terms
- Control and managementThe test that fixes a Hindu Undivided Family's residential status: a HUF is resident in India unless the control and management of its affairs is situated wholly outside India.
- Clubbing of incomeSections 60 to 64 add someone else's income to yours — the Act's answer to families who move income to a lower-taxed relative while keeping the asset.
← All terms